Ford Motor Company announced the election of James D. Farley, Jr., as President and CEO of the Company effective October 1, 2020.

In addition, Farley was elected to the Company‘s Board of Directors effective October 1, 2020.

After leading the company for more than three years, James P. Hackett will retire from the company as of March 31, 2021 and resigned from the Board of Directors, effective October 1, 2020.

Hackett will serve as an Advisor to the Company and will report to the Executive President from October 1 until his retirement on March 31, 2021.

Ford said Hackett would work with Farley for the next two months to ensure a smooth transition.

Ford

In April 2019, Farley was chosen to lead Ford’s new business, technology and strategy team and helped the company determine how to capitalize on changes in the industry, such as software platforms, connectivity, artificial intelligence, automation and new ways. of propulsion.

“Jim Farley combines an innate feeling for cars and customers with great instincts for the future and the new technologies that are changing our industry. Jim’s passion for great vehicles and his intense drive for results are well known, and I’ve also seen him become a transformative leader with the determination and foresight to help Ford thrive in the future, ”said CEO of the firm, Bill Ford. Hackett’s compensation will remain as it is currently in effect, with the exception that you will not have access to private jets for personal travel as of October 1, 2020.

In addition, the Committee will consider a capital grant to Hackett in March 2021 on his performance and contributions as an Advisor to the Company during the January-March 2021 period.