Ford Motor Co. (F) said Tuesday that Chief Executive Jim Hackett, 65, will retire, after about three years in the role. The stock rallied 3.1% in premarket trading. Chief Operating Officer Jim Farley, 58, will become CEO effective Oct. 1. Farley joined Ford in November 2007 from Toyota. Hackett will remain as "special advisor" through March 2021. Ford's stock has dropped 28.1% year to date through Monday, while shares of rival General Motors Co. (GM) has shed 30.0% and the S&P 500 has gained 2.0%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 04, 2020 10:16 ET (14:16 GMT)
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