New Ford CEO Jim Farley faces immediate challenges

Jim Farley will take over as CEO of Ford on October 1, replacing Jim Hackett, who will retire from the company but continue to serve as a "special advisor." Hackett came to Ford in 2017 after retiring from furniture company Steelcase in 2014 after serving as its CEO for 20 years.

Farley joined Ford way back in 2007 as global head of marketing and sales, coming to the Blue Oval after a long and successful stint at Toyota and Lexus. He went on to serve as executive vice president and president, Ford Europe, Middle East and Africa, leading the European unit to record profitability and margins in 2016. He was reportedly the first person within the company to suggest that its new electric Mach-E be part of the Mustang brand. He was named chief operating officer in February of this year as part of a larger management shakeup.

In a statement, Executive Chairman Bill Ford said he was "very grateful" to Hackett and highlighted the Mustang Mach-E, recently unveiled 2021 F-150 and the off-road-ready Bronco family as high points of Ford's future. Ford's recent past, on the other hand, has been a bit rocky.