Michigan, US — Ford says it will promote Jim Farley to CEO on October 1 to replace Jim Hackett, who has elected to retire after his three-year bid to turn around the carmaker failed to gain traction.

Farley became COO in March when his main internal rival was ousted after the botched launch of the Ford Explorer sport-utility vehicle. Ford’s stock was slumping under Hackett before the coronavirus pandemic worsened the second-largest US carmaker’s woes...

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