Ford has just announced a surprise executive shakeup today where Joe Hinrichs is retiring and Jim Farley will be come the motor company’s chief operating officer role. Before this news, both have been viewed as potential successors to CEO Jim Hackett.
Farley will report directly to Jim Hackett, who took the the CEO role at Ford in May 2017 at the request of executive chairman Bill Ford.
Hinrichs is an industry veteran, retires after 19 years at Ford. He oversaw manufacturing and played a major part in building strong UAW relationships which has help Ford avoid labor issues other auto makers have had with their blue collar staff.
In its morning news release, Ford said:
- Farley will be responsible for all global markets and automotive operations, Ford Smart Mobility and autonomous vehicles
- Hau Thai-Tang, 53, takes on an expanded role in delivering products, services and experiences for Ford customers. He will continue to lead product development and purchasing, while adding responsibilities for enterprise product line management and connectivity
Farley, 57, joined Ford in 2007 as global head of marketing and sales and went on to lead Lincoln, Ford South America, Ford of Europe and all Ford global markets, per the Ford news release.
All changes will be effective March 1.
Ford missed the street targets for full-year and fourth quarter this week. Ford reported adjusted earnings of 12 cents a share on revenue of $39.7 billion. A survey of 16 analysts by FactSet forecasted the company would make 17 cents a share, on sales of $39.6 billion. In the same period a year ago, the company posted earnings of 30 cents a share on sales of $41.8 billion.
