Ford’s New CEO Farley Promises Urgency at Automaker, Shakes up Management | Investing News

DETROIT (Reuters) – Ford Motor Co’s

new chief executive, Jim Farley, on Thursday promised the No. 2 U.S. automaker would move with urgency, in contrast to criticism his predecessor faced.

Farley, on his first day as Ford’s 11th CEO, also announced an executive shake-up that included naming a new chief financial officer.

Ford’s promise to accelerate its turnaround is not new at a time when it is executing on an $11 billion restructuring.

Farley was named chief operating officer in February, and promised a faster return to stronger profits. He was officially tapped to succeed Jim Hackett in August.

“During the past three years, under Jim Hackett’s leadership, we have made meaningful progress and opened the door to becoming a vibrant, profitably growing company,” Farley said in a statement on Thursday. “Now it’s time to charge through that door.”

Ford reaffirmed its goal for operating margins of 8%, something it identified as a 2020 target before the coronavirus pandemic hit. It did not specify when it would achieve this target.

The company also said John Lawlor would succeed Tim Stone as CFO.

Stone, who will remain with Ford through Oct. 15, accepted a job as COO and CFO with ASAPP Inc, an artificial-intelligence software company.

(Reporting by Ben Klayman in Detroit; editing by Jason Neely)

Copyright 2020 Thomson Reuters.

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