Ford Motor CEO Jim Hackett to step down

Ford announced Tuesday that Jim Hackett would step down as chief executive and be replaced by longtime auto executive Jim Farley as the car giant repositions itself.

Hackett, 65, will hand over the job to Farley, 58, on 1 October, but stay on as a special advisor through March 2021. Farley joined Ford in 2007 after a long tenure at Toyota and currently serves as chief operating officer.

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The move comes as Ford introduces more electric car models and investors more aggressively in autonomous technology.