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Ford CEO Jim Hackett to Retire

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Jim Hackett, the CEO of Ford Motor Company  (F) - Get Ford Motor Company Report, is unexpectedly retiring. According to Ford, he will be replaced by Jim Farley, who is currently Ford’s COO.

“My goal when I took on the CEO role was to prepare Ford to win in the future. The hardest thing for a proud, long-lived company to do is change to meet the challenges of the world it’s entering rather than the world it has known. I’m very proud of how far we have come in creating a modern Ford and I am very optimistic about the future," said Hackett in a statement.

Hackett’s retirement comes amid a Ford restructuring plan that has failed to reignite the company; Hackett has helmed Ford since 2017.

“Our new product vision – led by the Mustang Mach-E, new F-150 and Bronco family – is taking shape. We now have compelling plans for electric and autonomous vehicles, as well as full vehicle connectivity. And we are becoming much more nimble, which was apparent when we quickly mobilized to make life-saving equipment at the outset of the pandemic," said Bill Ford, Ford’s executive chairman, in a statement.

During his time at Ford, Hackett led the company into "the new era of smart vehicles" while also focusing on Ford's "base business," according to the Ford statement.

On Monday morning, Ford's stock was up nearly 3% on the news, to $6.89 a share.

Last week, Ford said it expects a full-year loss even after it posted stronger-than-expected second quarter profits of $1.1 billion, or 28 cents per share, on sales of $19.4 billion. 

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