New Ford CEO Jim Farley Will Wrestle With Coronavirus And Restructuring

Ford Motor Co named Jim Farley its new chief executive on Tuesday as the No. 2 U.S. automaker wrestled with restructuring its global operations amid the ravages of the coronavirus crisis that has forced it to take on large amounts of debt.

Farley, 58, who is chief operating officer, will succeed Jim Hackett as chief executive and president on Oct. 1, the auto maker said. Farley will be Ford's fourth CEO since 2014.

Executive Chairman Bill Ford said the company had not considered outside candidates because "our board felt that we were on the right path" with Farley.