The Ford CEO retirement plans might not be clear, even to him, but he says there’s a sign that will tell him it’s time to hang up his hat.
At 63 years old and running one of America’s oldest automakers through tariff wars and electric vehicle losses, Ford CEO Jim Farley knows he can’t lead forever. The self-described workaholic recently opened up about retirement timing by sharing a story from Indy 500 legend Johnny Rutherford. Farley says he’ll know it’s time to step down when he stops sweating about the small details that separate good from great. For now, though, he’s still obsessing over Ford’s new EV platform and cost-cutting efforts.
Jim Farley wants his CEO tenure to be memorable
Obsessing over details and creating amazing ways to combat various automotive industry challenges have been the cornerstone of Farley’s tenure. Whether it’s the creation of the Ford Model e division or facing the current challenges of tariffs and Ford EV losses, Farley has led the way for one of the oldest automakers in the world. Currently, he intends to continue driving the company for at least the next two years, working to get the EV division profitable and create other avenues of income for Ford, making it much easier for the company to compete with Chinese automakers for EV attention.
Ford’s leadership future isn’t only about cars
While the Ford CEO retirement plans are certainly on hold right now, he continues to find unique ways to lead the nearly 180,000 employees of Ford. These employees are counting on Farley and his drive to overcome the various challenges facing the automotive industry.
“Every day I walk into that office, and I have no idea what is going to happen. I know specifically what I want to do. But there’s always a surprise around the corner. But I’m extremely connected to the mission of making this American icon relevant through this transition.”
– Jim Farley
Farley looks for multiple streams of income
Most automakers have a finance business to offer car loans to customers and businesses, but not all automakers have explored the idea of creating new technology, such as robots or additional mobility solutions, including motorized scooters. Farley is doing this for Ford. Adding various streams of income for the company will allow Ford to do what it’s already doing compared to EV automakers.
Those automakers that focus strictly on EVs, such as Tesla and Rivian, are at a disadvantage compared to Ford. As a legacy automaker with gas and diesel vehicles, among its many vehicle offerings, Ford can absorb losses in the EV world much more easily than Tesla and Rivian.
Forget Ford CEO retirement plans, Farley found a glaring Ford cost disadvantage
Recently, Jim Farley took apart a Tesla Model 3 and a Chinese-made electric vehicle. What he found was alarming. Compared to the Ford all-electric Mustang Mach-E, he found that the Ford had almost a mile more electric wiring than the Tesla, which meant 70 additional pounds of unnecessary weight. This leads to added expenses and the need to use a larger battery. This is the kind of attention to detail that Farley continues to invoke in Ford to help ensure the EV division can thrive and not just survive.
Farley says autonomous driving is right around the corner
The current hands-free driving system from Ford, called BlueCruise, is great, but still requires drivers to pay attention. Farley suggests that Ford could give you back nearly 20 minutes per day. This is a hint at Ford vehicles having actual and fully autonomous driving technology in the next couple of years. The average driver spends at least 20 minutes of their commute on the highway, which Ford could give them back by simply allowing drivers to push a button and let the car take over.
Ford CEO retirement plans hinge on the Johnny Rutherford racing analogy
Johnny Rutherford said he knew it was time to stop racing when he arrived at the garage and didn’t sweat the little details that he had during previous races. Rutherford, a three-time Indianapolis 500 champion, would know a lot about details and sweat them. The goal is always to be the best, but when that no longer matters, it’s time to give it up. Farley believes that it will also be his signal that it’s time to retire.
For now, the Ford CEO retirement plans are well in the future as Farley works to find ways to improve Ford, especially in the EV market, making steps forward to ensure Ford is a global leader in this arena.
