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Ford CEO promises ‘year of action’ as he accelerates company restructuring and transition to EVs

  • Ford CEO Jim Farley promises to "lay out the entire picture" of the company under his leadership in the next couple of months.
  • He says he will provide a clear and decisive plan for the company as the auto industry transitions to electric vehicles.
  • During the first four months of Farley's tenure as CEO, shares of Ford are up 60%.

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Jim Farley, Ford CEOFord

DETROIT – Ford Motor CEO Jim Farley is promising something Wall Street has been asking from the storied American car manufacturer for years: A clear and decisive plan as the auto industry transitions to electric vehicles.

In the coming months, Farley said he "will lay out the entire picture" for Ford. Until then, he's continuing to make progress on restructuring actions and business deals such as a partnership announced earlier this week with Google for cloud services and in-car infotainment.

"2021 is our year of action," Farley told CNBC during an interview. "We're executing our plan and we'll continue to do that so every business in our portfolio has a sustainable future. If not, we will restructure it."

Since becoming CEO on Oct. 1, he's been building upon and "accelerating" an $11 billion restructuring plan launched under his predecessor in 2018 that Farley helped design as Ford's second in command. It has so far included slashing global head count by 14,000 people, revamping operations globally and ending vehicle production in Brazil, among other things.

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