Chief Operating Officer, Ford Motor Co.
By Mike Colias
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (February 15, 2020).
When Jim Farley was 10 he had a paper route in Connecticut that
passed a Ferrari distributorship. Fascinated by cars, he would
spend hours there, chatting up the Italian mechanics.
Later, Mr. Farley helped put himself through the University of
California, Los Angeles by working at a Santa Monica
vehicle-restoration shop run by the late former Formula One
champion Phil Hill. The hours he spent revitalizing vintage-car
interiors -- stuffing seats and stitching together ostrich skin and
other exotic-leather upholstery -- "taught me what made a beautiful
car," he says.
That lifelong love of cars put Mr. Farley on a career trajectory
that led to his promotion last week to chief operating officer at
Ford Motor Co., from head of strategy and technology. The move
makes him the clear-cut No. 2 executive behind 64-year-old Chief
Executive Jim Hackett.
Mr. Farley takes the operations mantle at a difficult time for
Ford. The company's shares have struggled in recent months as Ford
missed two of its last three quarterly profit forecasts and this
month issued a dimmer-than-expected 2020 forecast.
The underlying problems now are squarely Mr. Farley's to fix:
rising warranty costs, steep sales declines in China and troubles
getting new vehicles out of U.S. factories and into showrooms on
time. He will balance those tasks with the strategy role he has had
since last spring, mapping out the company's bets on future
technologies like electric and self-driving cars.
Mr. Farley, a cousin of the late actor and comedian Chris
Farley, started his career at Toyota Motor Corp., where he launched
the youth-focused Scion brand. Since joining Ford in 2007, he has
served as marketing chief and ran its European division, and later
had responsibility for global markets. He takes the COO job March
1.
Here are four of his most trusted advisers:
Sam Pack, CEO, Sam Pack Auto Group
Mr. Pack has been known to use a laser to make sure the pickup
trucks on his car lots are perfectly aligned. "I admire that he's a
perfectionist, " Mr. Farley says of the Dallas car dealer.
Mr. Farley seeks out Mr. Pack every month or two for fresh ideas
on the often-hidebound world of car dealerships. Years ago, Mr.
Pack floated the concept of sending mechanics to business customers
to do remote maintenance and repairs, to shorten the time vans and
trucks are out of service. Ford recently introduced the program,
with Mr. Pack among its first dealers to offer it.
"Sam is a rare dealer who always brings today's competitive
reality into my world, into the executive C-suite," Mr. Farley
says.
Carlos Tavares, CEO of French auto maker PSA Group
Mr. Farley met Mr. Tavares during his time running Ford of
Europe, when the two served on the board of the European Automobile
Manufacturers' Association. He recalls being impressed that Mr.
Tavares, a fellow gear head, knew the price of a machine used to
repair engine cylinder heads.
They later spent time racing together at various tracks in
France, including Le Mans and Circuit Paul Ricard. The men normally
would confine the discussion to cars and racing, careful not to
tread into competitive topics, Mr. Farley says. He sometimes would
rib Mr. Tavares for driving a Lola T70 British race car fitted with
an engine from Ford's rival, Chevrolet.
"I admire him as a competitor," Mr. Farley said. "I don't talk
to him all that often -- but I read his financial statements
closely."
Wayne Rainey, president of MotoAmerica
A former world-champion motorcycle rider, Mr. Rainey was
paralyzed in a crash during the 1993 Italian Grand Prix. He later
founded MotoAmerica, a business that promotes the American
Motorcyclist Association's Superbike road-racing series.
The two met at Laguna Seca Raceway eight years ago and talked
racing and marketing. Mr. Rainey recalls Mr. Farley asking whether
he had considered broadening the appeal of MotoAmerica beyond
professional racing to include lifestyle events. He has since added
family activities and learn-to-ride sessions to the racing
programs, he said.
Mr. Rainey "inspires me because he brings greater purpose to
business," Mr. Farley said. "It's not about profits to him. It's
about getting a young American to get the chance to become a world
champion."
Allan Gilmour, retired Ford CFO
Mr. Gilmour had retired by the time Mr. Farley arrived at Ford
from Toyota more than a decade ago. Soon after, Mr. Farley's uncle
asked Mr. Gilmour to check in with the new executive. Mr. Gilmour
visited Mr. Farley's office and the two have stayed in frequent
touch since.
Last spring, when Mr. Farley was tapped to lead Ford's efforts
on future technologies, including in-vehicle software, it was Mr.
Gilmour who suggested he establish an informal network of outside
advisers to acclimate himself. Mr. Farley ran with the advice,
seeking counsel from venture-capitalists, including Marc
Andreessen, and making contacts at big Silicon Valley tech
companies.
"As we've engaged some of these tech companies that are
interested in our space, my eyes really got wide," he said. "Those
are the kind of people Allan inspired me to engage with."
Write to Mike Colias at Mike.Colias@wsj.com
(END) Dow Jones Newswires
February 15, 2020 02:47 ET (07:47 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Ford Motor (NYSE:F)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ford Motor (NYSE:F)
Historical Stock Chart
From Sep 2023 to Sep 2024