Ford Executive Leadership Changes: Farley To COO, Hinrichs To Retire

Ford (F) has made some changes to its executive leadership team with the appointment of Jim Farley to chief operating officer effective March 1. In his new role, Farley will report to President and CEO Jim Hackett.

The announcement comes as Ford reported disappointing earnings for the year as it looks to increase its growth and margins business, which it said it is accelerating with urgency.

Farley, 57, has been with Ford since 2007, serving as global head of Marketing and Sales as well as leading the Lincoln, Ford South America, Ford of Europe, and all Ford global markets. Most recently, he held the lead position of Ford’s New Businesses, Technology & Strategy team.

In his new role as COO, Farley will help Ford in its quest to achieve a sustainable global EBIT margin of at least 8%. He will also oversee all of Ford’s global markets and automotive operations, including the Product Development, Purchasing, Enterprise Product Line Management, Manufacturing & Labor Affairs, Marketing, Sales & Service, and Quality & New Model Launch divisions.

Farley will also have leadership over Ford’s Smart Mobility, Ford’s AV LLC, and the automaker’s venture with Argo AI.

“Jim Farley is the right person to take on this important new role,” Hackett said. “Jim’s passion for great vehicles and his intense drive for results are well known. He also has developed into a transformational leader with the imagination and foresight to help lead Ford into the future.”

Other position changes at Ford include the retirement of Joe Hinrichs, Ford’s president, Automotive, after 19 years with the company, effective March 1.

HauThai-Tang, who will report to Farley, will take on an expanded role at Ford by continuing to lead Product Development and Purchasing with additional responsibility for Enterprise Product Line Management and Connectivity, also effective March 1.

Shares of Ford stock were dowmn 1.39% as of 1:08 p.m. EST on Friday.