Ford to name Jim Farley COO, Hinrichs to retire: Source

Ford Motor Co executive Jim Farley will assume the position of COO on Friday, positioning him as potential heir to CEO Jim Hackett, a source familiar with the matter said.

Farley, president of new businesses, technology and strategy, has been viewed as one of the potential successors to Hackett, who took over in 2017.

Ford will announce that another candidate, Joe Hinrichs, president of automotive, will retire, said the source on condition of anonymity.

Ford officials declined to confirm the news.