BREAKING: Ford Motor CEO, Jim Hackett is stepping down

Ford Motor Company (F) is making a change at the top ahead of several pivotal auto launches.

The automaker said Tuesday morning that CEO Jim Hackett will be stepping down on Oct. 1, handing the reins to COO Jim Farley. The news has been highly telegraphed by Ford, with Farley assuming his latest role as chief operating officer earlier this year after numerous successful stints running various businesses at the company.

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