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Ford Motor Co.

Jim Hackett, CEO of Ford, will retire and will be succeeded by COO Jim Farley

Ford Motor Co. said Tuesday that Chief Executive Jim Hackett, 65, will retire after about three years in the role. The share in premarket trading rose by 3.1%. Chief Operating Officer Jim Farley, 58, will become CEO on October 1. Farley joined Toyota in November 2007 at Ford. Hackett will remain the “Special Advisor” until March 2021. Ford’s stock has fallen 28.1% through Monday, while the stock of rival General Motors Co. decreased by 30.0% and the S&P 500 increased by 2.0%.