This article originally appeared on AutoVision News. It has been republished with permission.

Ford Motor Company announced that Jim Hackett, the former Steelcase CEO who took over the top position at the automaker in 2017, plans to retire. Chief Operating Officer Jim Farley has been named as Ford?s new president and CEO and will join the board of directors on October 1st. Hackett, 65, and Farley, 58, will work together in the coming weeks to ensure a smooth transition. Hackett, who will serve as a special advisor to Ford through March of 2021, says it?s the right time for Farley to take the reigns.

?I have worked side-by-side with Jim Farley for the past three years and have the greatest confidence in him as a person and a leader,? Hackett explained. ?He has been instrumental in crafting our new product portfolio and redesigning our businesses around the world. He is also a change agent with a deep understanding of how to lead Ford in this new era defined by smart vehicles in a smart world.?
Creating a Modern Ford

During Hackett?s tenure, Ford restructured critical operations and expanded the company?s product portfolio with new offerings. During the last three years, Ford has focused on improving the ?fitness? of its core business, making a substantial move towards technology and new mobility. 

?My goal when I took on the CEO role was to prepare Ford to win in the future,? Hackett said. ?The hardest thing for a proud, long-lived company to...