DETROIT Jim Hackett is retiring as president and CEO of Ford Motor Company, and current COO Jim Farley will take his place, the company announced Tuesday. Jim Hackett has laid the foundation for a really vibrant future and we have made tremendous progress in the past three years. 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 Bill Ford, Fords executive chairman. My goal when I took on the CEO role was to prepare Ford to win in the future, Hackett said. He is also a change agent with a deep understanding of how to lead Ford in this new era defined by smart vehicles in a smart world.