Ford said it will promote Jim Farley to CEO on Oct. 1 to replace Jim Hackett, who has elected to retire after his three-year bid to turn around the automaker failed to gain traction.

Farley, 58, became COO in March when his main internal rival was ousted following the botched launch of the redesigned Explorer. Ford’s stock was slumping under Hackett, 65, before the coronavirus pandemic exacerbated the second-largest U.S. automaker’s woes.

Read Full Story At driving.ca >>