FORD: Jim Hackett to retire and be replaced by Jim Farley

[Tragic Bronson]

Ford's Jim Hackett is out as CEO, to be succeeded by Jim Farley as restructuring plan fails to reignite stock

Ford Motor CEO and President Jim Hackett will unexpectedly retire in the midst of an $11 billion restructuring plan that has failed to impress Wall Street.

www.cnbc.com

 

[mmcartalk]

I've got mixed opinions on Hackett's performance. There is no question the Lincoln Division had major improvements under his watch (it is now considered a legitimate luxury-division, instead of just rebadged Fords), but the decision to drop most of the Ford/Lincoln sedans and passenger cars is going to come back to haunt the company. Plus, the launch of the latest Explorer and Aviator turned out a disaster with QC problems. I also thought the design and execution of the new Explorer, particularly the interior, was a disappointment.

 

[Sulu]

I just realized that Jim Hackett has only been CEO for 3 years. In an industry with long lead times, 3 years is a short time, just over half the average period of time it takes to get a new product from initial concept to first sales.

So any product introduced from mid-2017 (the start of Mr. Hackett's watch) to 2021 / 2022 were developed during Mark Fields' watch (or even Alan Mulally's watch). If Mr. Hackett tries to take credit for the turnaround of Lincoln, with its bold new product, he is trying to take credit from Mark Fields (as former CEO of Ford's Premier Automotive Group, of which Lincoln was a member), or even Alan Mulally. He can, however, take responsibility for the botched launch of the latest Explorer and Aviator, and the cancellation of Ford's sedans in North America.

To see Mr. Hackett's true influence on Ford's product (especially Ford's electrification strategy and cooperation with VW), we have to wait a few years.

 

[Tragic Bronson]

I Hope Ford's New CEO Remembers His Roots

You got the sense with outgoing CEO Jim Hackett that he was never quite accepted at Ford. It felt like every story about him was obligated to remind you that he used to be the CEO of a furniture company, an old job that may have undercut his credibility from the get-go. Incoming CEO Jim Farley...

jalopnik.com

 

[Tragic Bronson]

FORD GOES LONG. AND WRONG. AGAIN. - Rants - Autoextremist.com ~ the bare-knuckled, unvarnished, high-electron truth...

By Peter M. DeLorenzo Detroit. As I predicted a long time ago, Jim Farley will replace Jim Hac...

www.autoextremist.com

 

[mmcartalk]

Well, I guess he just couldn't Hackett.

 

[suxeL]

If this is all in the master plan of chasing wall street stock prices, I don`t think its gonna magically happen with a new CEO. Some folks have questioned Hackett's previous employment and lack of an engineer background, but there really is no "class" you have to take to become the next Musk/Jobs. I`m hoping the EV drive and interim hybrid push is strong, because thats whats gonna keep them a healthy company and keep them relevant in the upcoming years.

 

[Ian Schmidt]

Having 4 CEOs in 15 years indicates something is more wrong with the company and the board than it is with any of the CEOs. The right CEO can sometimes fix that kind of thing (Jobs being the obvious example) but Jobs also had unusual clout to make the dysfunctional board go away. That's a lot harder with Ford since the board is basically the Ford family and their friends.

 

[ssun30]

A company with trash credit rating and still taking more debt. Retreating from all growth markets. Complacent with success of a single product. No concrete vision of electrified future except for a purely PR product (Mach E). This company will be a big challenge for any CEO to fix. I wish them success since I really like the new Bronco.

 

[mmcartalk]

That's a lot harder with Ford since the board is basically the Ford family and their friends.

Still a lot better today, at least IMO, than when King Henry (Henry Ford II) was in charge. Henry II was a trip. If you haven't read Lee (Lido) Iacocca's book, I highly recommend it (it is part of my automotive library). Iacocca, who, of course, was not necessarily a saint himself, and who was famous for his flamboyant (and, IMO misleading) TV ads, describes, in that book, the everyday-details of how Henry ran the company, what it was like to work there, how jobs were shuffled and disappeared overnight just for corporate-political reasons, and his final confrontation and firing. It makes for some very interesting reading.

 

[mikeavelli]

Stock price has had a nice bump since this announcement. I feel they can turn things up a notch.