Ford Elevates Farley to CEO After Hackett’s Turnaround Bid Fails

Ford Motor Co. said it will promote chief executive officer Oct. 1 to replace , who has elected to retire after his three-year bid to turn around the automaker failed to gain traction.

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

Read more: Ford’s Stock Slump Under Hackett Exceeds Predecessor’s Rout

Last week, Ford posted a second-quarter operating loss that was less than half the $5 billion deficit it had predicted, due in part to demand for SUVs and trucks holding up better than feared. But some of the company’s overperformance also could chalked up to an on-paper gain from its investment in self-driving startup Argo AI.

Ford shares climbed as much as 1.7% shortly after the open of regular trading. The stock is still down 28% this year.

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