A NEW BOSS ARRIVES AT FORD – Jmundo

A NEW BOSS ARRIVES AT FORD

A NEW BOSS ARRIVES AT FORD

US automaker Ford, embarked on a major restructuring that is still struggling to convince investors, announced the replacement in October of its chief executive Jim Hackett by current COO, Jim Farley, a connoisseur of the sector.

Mr. Hackett, 65, was not an automotive seraglio when he took over as head of the company in 2017.

He quickly embarked on an austerity package aimed at saving $ 11 billion. To hope to be at the forefront of an automotive landscape shaken by Silicon Valley and Tesla, he at the same time pushed investments in autonomous and electric vehicles.

He also repositioned Ford’s lineup to meet Americans’ demands for larger vehicles, focusing the company’s efforts on pickups, city SUVs and utility vehicles, and gradually shifting away from city cars and sedans.

But the group also suffered from problems during the launch of new Ford Explorer or Lincoln Aviator models. And investors seem to be struggling to understand the group’s long-term strategy.

On Wall Street, Ford stock has lost about half its value over the past five years just as a group like electric vehicle maker Tesla went public. Mr Hackett’s predecessor, Mark Fields, had previously been pushed out due to market dissatisfaction

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