Ford Motor’s CEO steps down amid waning investors’ confidence

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The Chief Executive Officer of Ford Motor Company, Jim Hackett, is stepping down on Oct. 1 after three years at the helm.

 

In a statement on Tuesday, the American multinational automaker said Hackett would be succeeded by Jim Farley, its Chief Operating Officer.

According to reports, Hackett’s exit is coming amid the company’s $11 billion (N4 trillion) global restructuring programme said to be floundering.

Reuters reports that the No. 2 U.S. carmaker also “faces slumping demand in China, its second-largest market’’.

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The 65-year-old outgoing CEO failed to secure investors’ confidence in his leadership amid a sharp crash in the value of the company’s stock under his watch.

Under his leadership, Ford has struggled with product launch problems involving the Ford Explorer, the Lincoln Navigator and the Police Interceptor.

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But shares of the company rose by 2.8 per cent in early trading, on Tuesday, according to the news agency.

Farley, 58, joined Ford in 2007 and headed the company’s new businesses, technology and strategy group before being named COO in March.

He will be the Ford’s fourth chief executive officer since the 2008 economic crash, reports say.

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