Who is the new ceo of ford

DETROIT (Reuters) - Ford Motor Co's F.N new chief executive, Jim Farley, on Thursday promised the U.S. automaker would move with urgency, responding to investor and analyst criticism of the speed at which his predecessor acted.

FILE PHOTO: Ford Motor Co. CEO Jim Farley poses next to a new 2021 Ford F-150 pickup truck at the Rouge Complex in Dearborn, Michigan, U.S. September 17, 2020. REUTERS/Rebecca Cook/File Photo

Farley, on his first day as Ford’s 11th CEO, also announced an executive shake-up that included naming a new chief financial officer.

Ford’s promise to accelerate its turnaround is not new at a time when it is executing an $11 billion restructuring.

Farley was named chief operating officer in February and promised a faster return to strong profits. He was officially tapped to succeed Jim Hackett in August.

“During the past three years, under Jim Hackett’s leadership, we have made meaningful progress and opened the door to becoming a vibrant, profitably growing company,” Farley said in a statement on Thursday. “Now it’s time to charge through that door.”

Hackett and Ford have been criticized by some on Wall Street for not moving quickly enough on its restructuring. At the end of the second quarter, the Dearborn, Michigan-based company had incurred only $3.9 billion of the projected $11 billion in charges.

Farley will face immediate tests in his new role, including ensuring a smooth launch for the highly profitable, top-selling F-150 pickup truck to avoid the costly missteps Ford experienced when it revamped the Ford Explorer SUV.

Ford on Thursday reaffirmed its goal for operating margins of 8%, something it identified as a 2020 target before the coronavirus pandemic hit. It did not specify when it would achieve this target.

Ford’s operating margin was 4.1% last year, before falling to negative 4.8% in the first half of 2020 due to the coronavirus outbreak.

The company also said John Lawler would succeed Tim Stone as CFO. Lawler most recently had been head of Ford Autonomous Vehicles and vice president of mobility partnerships. He also served as president of Ford China for nearly four years.

Stone, who will remain with Ford through Oct. 15, accepted a job as COO and CFO with ASAPP Inc, an artificial-intelligence software company. Stone had been in the CFO job only since June 2019.

Ford also said it would separate the Lincoln and marketing jobs to put greater focus on both. Joy Falotico, who had held both the Lincoln and global marketing jobs, will focus on Lincoln once a chief marketing officer is named, in a move meant to accelerate the brand’s growth.

Farley outlined his objectives during a virtual town hall meeting with Ford’s global team on Thursday, saying the company will allocate capital to its strongest franchises and high-growth opportunities, such as the F-Series pickup truck and its commercial business.

It also will add more affordable vehicles to its global lineup, build electric vehicles at scale and stand up new autonomous-enabled businesses, he said. Decision making will be pushed down to the regional level.

Credit Suisse analyst Dan Levy welcomed Farley’s urgency and Lawler’s ascension, and said investors will expect increased disclosure under the new management team.

Ford has moved to cut costs globally, including earlier this month when it said it would target cutting 1,400 U.S. salaried jobs by year end.

Last year, Ford cut 7,000 salaried jobs globally, as well as targeting 12,000 additional layoffs and plant closures in Europe. It also restructured operations in China and South America.

The automaker previously said it expects a full-year loss because of the pandemic’s impact. It sees a pre-tax profit of between $500 million and $1.5 billion in the third quarter, and a loss in the fourth quarter as it launches several new vehicles.

Jim Farley embraces change and technology at Ford Motor Co.

Jim Farley, of Ford Motor Co., reflects on his time at the company and how his love of cars has helped his career and embrace change in the industry.

Tripp Tracy says he needs to dump his G-Wagon — stat.

No way is the cousin of Jim Farley, the new CEO of Ford Motor Co., driving a Mercedes SUV.

"An ex-girlfriend convinced me to get a car that's a non-Ford," Tracy said with regret in his voice. "I'm crazy about the new Bronco. I'm going to try and get a four-door. I'm all-in on Ford. I'm just waiting for the maestro to tell me what to do."

Tracy doesn't know much about cars, and he likes to point out he's a "stay-in-your-lane kinda guy" but he did take a few minutes this week to talk with the Free Press after being tracked down on Twitter to discuss what it's like to see Farley take the helm of an iconic multibillion company that's part of the fabric of Detroit.

Tracy talked about what motivates Farley, the feelings of a family whose ties to Ford date back a century and what it means to watch things unfold.

"I'm proud of him way beyond any way I could describe," Tracy said. "One Christmas, we were in the car going to the airport, and he turns to me and says, 'It's on you and me to carry the torch.' He was looking at the beginning with my grandparents and the American dream — of proving that if you work at it, you can have success."

Tracy, 46, a four-year hockey goalie at Harvard University, was drafted by the Philadelphia Flyers and later signed with the Hartford Whalers. For the past two decades, he has been the radio and TV color commentator for the Carolina Hurricanes, a Stanley Cup championship winner in 2006.

"I do what Mickey Redmond (does) for the Red Wings," Tracy said, having grown up watching hockey at Joe Louis Arena in Detroit before graduating from the University Liggett School in Grosse Pointe Woods. "My first year playing pro, we got eliminated in (the) AHL semifinals and I came right home to see the Wings win the cup in '97."

Emmet Eugene "Tripp" Tracy III of Raleigh, North Carolina, has returned home to Grosse Pointe Farms to spend time with his mom, a widow, now that hockey playoffs are finished. Tracy and his mom look forward to seeing the man that family calls "Jimmy."

"We'll grab lunch, take Mom out," Tracy said. "He'll get me to go to church. That's absolutely automatic. You have to drag me. We'll definitely see each other this weekend."

It's not an official celebration, Tracy said. But there are things to celebrate.

Farley, 58, officially becomes Ford CEO on Thursday with the retirement of Jim Hackett, 65, whose three-year tenure has been marked by disappointing earnings, product launch problems and surging warranty costs. Ford announced the change in August.

Now, after an industry shutdown caused by COVID-19, Farley is overseeing the high-profile launches of the revived Ford Bronco, 2021 Ford F-150 and all-electric Mustang Mach-E. Meanwhile, the company is navigating an uncertain economy and a more dramatic pivot to electrification amid essential cost reductions.

When asked what he was thinking 36 hours before stepping into his new role, Farley told the Free Press on Tuesday, "My grandfather would say: 'Proud of you, now go to work.' "

By the time Farley was 5 years old, he was being groomed by his grandfather, Emmet Tracy, an early employee of company founder Henry Ford. Tracy went on to run an auto parts business and a car dealership in Grosse Pointe.

While other grandparents read Dr. Seuss, Tracy sat down with issues of Automotive News when his grandson visited during Christmas and summer breaks. The two would drive past automotive landmarks, including the Packard Plant, Ford's Piquette Street Plant and the Ford Rouge Plant where Tracy had worked. He died in 1998 at age 98, never having seen his boy work at Ford.

Farley talks of his grandfather arriving at Ford's Highland Park factory with his lunch pail as one of the nameless, faceless workers who built Model T vehicles that transformed America and helped create a middle class workforce.

Emmet Tracy would one day become a quiet philanthropist, his grandson said.

"When Pope John Paul II came to Detroit (in 1987), he had a private meeting with Tom Monaghan, who owned the Detroit Tigers, Mr. and Mrs. (Mike) Ilitch and my grandmother and grandfather," Tracy said. "Archbishop (Edmund) Szoka introduced my grandfather to the pope as the most generous man in Detroit."

Tripp Tracy, whose father was Emmet E. Tracy Jr. II, is the "triple" Tracy. The original is considered the patriarch who helped guide so many to success.

Emmet Tracy Jr., Tripp's dad, was Jim Farley's godfather.

Mary Kay Tracy Farley, Jim Farley's mom, was Tripp Tracy's godmother.

The siblings, both so close to Farley, are gone now. The auto executive flew home from China to say goodbye to his Uncle Emmet two years ago.

"My dad was so proud of Jimmy," Tripp Tracy said. "He saw a tireless humble work ethic and a profound Catholic faith and generosity that no one would hear about."

Jim Farley and his uncle would write long emails to each other about cars and the auto industry and the past and the future, Tracy recalled. Emmet Tracy Jr. initially practiced law with partner Bob Nederlander; Tracy returned to the family auto parts business while Nederlander went off to New York to transform Broadway and become managing general partner of the New York Yankees.

In the past, the Ford CEO has talked about the loss of those closest to him.

"They're throwing a party in the sky," Tracy said, mentioning Farley's beloved mother and father, grandmother and grandfather, and cousin Chris Farley, the accomplished comedian, actor and star of "Saturday Night Live," who died Dec. 18, 1997, at the age of 33.

Still, Jim Farley remains focused, as were his father and mother. Jim Farley Sr. had been president of Citibank at one point, living in Connecticut and traveling internationally. Mary Kay Farley was so good at golf that few people wanted to challenge her. She won club championships at some of the best golf clubs in America.

It is that level of intensity and concentration that she passed to her children, Tracy said. "My Aunt Mary Kay is the kind of woman who could have been president. She had hard-core focus and unbelievable mental toughness."

Red Wing tactics

Jim Farley has qualities in common with Scotty Bowman, Tracy said. As a head NHL coach, Bowman won nine championships with three teams including the Red Wings. Tracy considers Bowman the greatest coach of all time.

"Scott and I are very close friends. He's also a mentor," Tracy said. "We talk a couple times a week. ... He asks so many questions. Just like Jimmy, who now asks so many questions. My Aunt Mary Kay was exactly the same way. You're gathering information and it makes everybody feel important. Yet it's sincere. The more information you gather, the better the decisions you're going to make."

Tracy said. "Jimmy is digging in. You have to get to the inside, dig in to be successful. That's where you score and where you win."

Despite business travel, the family squeezed in a Detroit Tigers game over the summer. Tracy said these are the kinds of things that keep Farley grounded.

So many memories are tied to Farley's Uncle Emmet, who sponsored AAA hockey in Detroit that produced 30 NHL players including Stanley Cup-winning captain Derian Hatcher, a defenseman for the Minnesota North Stars, Dallas Stars, the Red Wings and Philadelphia Flyers. Hatcher now coaches the Sarnia Sting in Ontario.

Sports play a key role in the family still today. Tracy hosts "Digging in with Tripp" a podcast that spotlights athletes and stories of success.

"I'll be doing one with Jimmy at some point," Tracy said.

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Farley came to Ford after establishing himself as a rising star at Toyota, recruited to help then-CEO Alan Mullaly strengthen Ford just before the Great Recession. More than 10 years have passed, and Farley has held different roles at the company, widely considered the heir apparent by early 2020 when he was named chief operating officer.

"He is loyal to the ends of the Earth," Tracy said. "He is innovative and he is able to see the future before it happens. If we were talking hockey, I would hope I could do the same. When you achieve what Jimmy has, you have to have focus."

His mother, Marilyn Tracy, when asked her thoughts on her nephew's promotion at Ford, said Tuesday, "They made a good choice."

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Contact Phoebe Wall Howard: 313-222-6512 or . Follow her on Twitter @phoebesaid. Read more on Ford and sign up for our autos newsletter.