Ford Motor Co (F.N) on Friday shook up its top management, naming strategy chief Jim Farley as chief operating officer of the No. 2 U.S. automaker and promising skeptical investors the company will kick a slow-moving turnaround into a higher gear, Trend reports citing Reuters.
Ford’s move positions Farley, 57, as potential heir to Chief Executive Jim Hackett, who took over in May 2017. Farley is currently president of new businesses, technology and strategy but will now be responsible for all global operations as well as future technology such as self-driving cars.
News of Farley’s promotion and the retirement of automotive president Joe Hinrichs, another potential CEO candidate, effective on March 1, came three days after Dearborn, Michigan-based Ford saw its shares slide following a disappointing forecast. On Friday, Ford shares were off as much as 2.8% to their lowest price since January 2019 and finished the day down about 1.7 percent.
Farley told Reuters that Ford needs to move more quickly, especially around taking advantage of the software, data and connectivity in its vehicles including commercial vehicles. Farley added that Ford was “deep” in partnership talks with digital companies to improve its customer experience.
“We put a lot of new cost and capability in these new vehicles,” Farley said in a telephone interview. “We have to get a lot quicker in taking advantage of them. We do not have two or three years to figure out how we use connectivity in the F-150 and our new electric architecture that we launch later this year.”