Ford CEO Jim Hackett is stepping down, retiring from the company in the midst of its transition to greater electrification. Hackett took over the chief executive role in 2017, replacing Mark Fields; he in turn will be replaced by Jim Farley, who until now has been Ford’s chief operating officer, and who will take over the CEO roll from October 1, 2020.

Hackett’s retirement comes as Ford is midway through its so-called “Creating Tomorrow Together” plan. That saw the automaker reevaluate its range, making strident cuts to longstanding product lines, and attempting to embrace electric vehicles and smart technology.
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