CEO Ford leaves | Financial


That said Ford chairman Bill Ford Tuesday.

Hackett (65) has been chairman since 2017 after succeeding Mark Fields, who left for private equity firm TPG. Hackett, who gave Ford’s electrification of Ford cars such as an added incentive, such as with the all-electric Ford Mustang Mach-E SUV, will remain as an advisor until May 2021, Ford said in a statement.

Under Hackett’s rule, Ford embarked on a major restructuring that will cost the company $ 11 billion. Thousands of jobs will be cut and Ford will be removing many models from its range. It also announced the return of its classic Bronco.

The group reported severely declining sales figures four days ago due to the corona crisis. However, earnings were much higher than analysts had anticipated, with the stock recovering immediately.

The surprising profit of $ 1.1 billion came about thanks to the partnership with Volkswagen in the joint venture Argo AI, the standalone self-driving technology company.

In particular, Ford’s outlook for the third quarter, with an operating result of $ 500 million to $ 1 billion, appealed to the investment banks that follow the company. On average, they expected recovery to about $ 477 million.


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