Jim Press, McLarty Companies executive vice president, talks about Tesla shares and Ford leadership shake-up on “Closing Bell.”
Ford Motor executive Joe Hinrichs will retire and the company is naming Jim Farley as chief operating officer, the automaker said in a surprise announcement Friday.
It said Farley, currently chief of new business and technology, will take over broader responsibilities from Hinrichs, who is president of the automotive division. Those responsibilities include all global markets and automotive, the company said. Farley will continue reporting to President and CEO Jim Hackett, who has been under fire from Wall Street regarding progress on an $11 billion global restructuring plan.
Shares of the company dropped to a new 52-week low Friday morning before recovering to $8.11 per share, down about 1.7%. Ford stock is down less than 1% in the past year but has fallen 11.3% in 2020.
Hinrich’s departure is unexpected. Despite the company calling it a retirement, Hackett made it seem he didn’t believe Hinrich’s career was over: “Joe’s going to have a wonderful career,” the CEO told reporters. Hinrichs, 53, was not available for comment.
Hinrichs was at the White House on Jan. 29 representing the automaker as President Donald Trump signed the United States-Mexico-Canada Agreement. He also was on the automaker’s fourth-quarter earnings call with investors on Tuesday.
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