Ford has announced that after only three years, Jim Hackett will be stepping down as its CEO. Jim Hackett will be retiring this year and Ford has also announced that Jim Farley has been named the company’s new president and CEO.

Hackett took over for Mark Fields in 2017 and in his short time at the top, Hackett oversaw some huge changes at Ford. This included big investments in electric and autonomous vehicles.

Jim Hackett

“My goal when I took on the CEO role was to prepare Ford to win in the future,” Hackett said.

Hackett also pushed Ford to kill off all of its passenger cars, with the exception of the Mustang. The move has allowed Ford to focus on building more crossovers and SUVs, which buyers prefer. We can also thank Hackett for the new Bronco family.

“I am very grateful to Jim Hackett for all he has done to modernize Ford and prepare us to compete and win in the future,” said Bill Ford, Ford’s executive chairman. “Our new product vision – led by the Mustang Mach-E, new F-150 and Bronco family – is taking shape. We now have compelling plans for electric and autonomous vehicles, as well as full vehicle connectivity. And we are becoming much more nimble, which was apparent when we quickly mobilized to make life-saving equipment at the outset of the pandemic.”

Jim Hackett will officially step down on October 1, but he will stay on as a special advisor to Ford through March 2021.