Jim Farley, Ford Motor Company Executive Vice President and President of Global Markets, reveals the 2020 Ford Mustang Shelby GT 500 at the 2019 North American International Auto Show during Media preview days on January 14, 2019 in Detroit, Michigan.
Bill Pugliano | Getty Images
Ford Motor President of Automotive Joe Hinrichs will retire and the company will name its new business and technology chief Jim Farley as its chief operating officer, the company announced Friday morning.
Farley will take over broader responsibilities from Hinrichs, including all global markets and automotive, the company said. Farley will continue reporting to Ford CEO and President Jim Hackett, who has been under fire from Wall Street regarding progress to an $11 billion global restructuring plan.
Hinrich’s retirement is unexpected. The 19-year Ford executive was at the White House on Jan. 29 representing with automaker as President Donald Trump signed the United States-Mexico-Canada Agreement. He also was on the automaker’s fourth-quarter earnings call with investors on Tuesday.
All the changes announced will be effective March 1.
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