In the midst of an $11 billion restructuring plan that has failed to impress investors, Jim Hackett has unexpectedly decided to retire from his role as CEO and President. 

Hackett previously had not expressed any interest in retiring. In February, amid an executive shakeup, he said, "I plan on staying in this job." He cited a close relationship with Jim Farley that would "realize the value" the company has been promising. Jim Farley would now replace him as CEO and President for Ford Motor. The two will work together to ensure a smooth transition for the next two months. 

Earlier Hackett has been in news for his unique leadership style, as per a CNBC report. He has been the talk of the town for the execution of his multiyear restructuring plan that aimed to increase profitability by focusing on core products and all-electric and autonomous vehicles. Amid the pandemic he has been appreciated for the way he has streamlined the automaker's operations, forming a global partnership with Volkswagen. Hackett also shifted the company's product portfolio away from passenger cars, among other internal actions. 

"I am very grateful to Jim Hackett for all he has done to modernize Ford and prepare us to compete and win in the future," said Executive Chairman Bill Ford. 

Hackett shall continue his association with Ford as adviser through March next year. As Hacket moves on he passes the baton to Jim Farley. He would be the fourth CEO of the automaker since the Great Recession, which nearly bankrupted the automaker a decade ago. 

Farley joined Ford in 2007 as global head of marketing and sales. He has held a variety of roles since then, including head of the automaker's Lincoln luxury brand and several international operations such as Europe and South America. He has been closely working with Hackett since a long time now. 

As Farley takes on a new role, he is optimistic about the company's growth plans for its commercial lineup as well as emerging plans for autonomous and all-electric vehicles, including the upcoming Mustang Mach-E crossover. 

Image Credits: Motor Authority