Donald Trump's Empire, WeWork's CEO Sandeep Mathrani In Hot Seat For 2021
The newly installed president and chief executive officer of Ford Motor Co., Farley, 58, finds himself squarely in the bull's-eye during a critical year for Detroit's beloved blue-oval brand.
On the positive side, Ford's F-Series line of pickup trucks has been America's bestselling vehicle for more than 40 years; its money-minting light trucks (pickups and SUVs) have done so well, the company is exiting sedans to focus on reinvigorating icons such as the Bronco.
But massive headaches await. U.S. sales fell 10% in the final quarter of 2020, plagued by low inventory of a redesigned F-150 and a complicated factory changeover. The brand announced on Jan. 11 that it's closing three factories in Brazil and cutting 5,000 workers in South America; in China, the world's largest auto market and best opportunity for selling electric vehicles, it has only a nominal presence. Meanwhile, Ford is spending $11.5 billion to electrify its lineup, starting with the battery-powered Mustang Mach-E that just went on sale and an electric F-150 coming in 2022.