Ford has announced a number of senior management changes, including the promotion of Jim Farley to the position of Chief Operating Officer (COO).

Farley will report to President and CEO Jim Hackett and will be responsible for all global markets and automotive operations, Ford Smart Mobility and autonomous vehicles. He effectively replaces Joe Hinrichs (President, Automotive) who will retire.

Hau Thai-Tang takes on an expanded role in delivering great products, services and experiences for Ford customers. He will continue to lead Product Development and Purchasing, while adding responsibilities for Enterprise Product Line Management and connectivity.

The changes follow a week which saw Ford post a USD1.7bn quarterly loss and a subsequent plunge in its share price.

Ford said it is moving with urgency to fully integrate and 'accelerate its transformation into a higher-growth, higher-margin business by leveraging smart, connected vehicles and services'.

"Jim Farley is the right person to take on this important new role," Hackett said. "Jim's passion for great vehicles and his intense drive for results are well known. He also has developed into a transformational leader with the imagination and foresight to help lead Ford into the future."

Farley, 57, joined Ford in 2007 as global head of Marketing and Sales and went on to lead Lincoln, Ford South America, Ford of Europe and all Ford global markets in successive roles. Since April, Farley has led Ford's New Businesses, Technology & Strategy team, helping the company determine how to capitalize on the powerful forces reshaping the industry – such as software platforms, connectivity, AI, automation and new forms of propulsion.

Ford said Farley will lead Ford's drive to strengthen its Automotive operations and deliver a sustainable global EBIT margin of at least 8 percent. He will oversee all of Ford's global markets and automotive operations, including Product Development; Purchasing; Enterprise Product Line Management; Manufacturing & Labour Affairs; Marketing, Sales & Service; and Quality & New Model Launch.

He also will retain leadership of Ford Smart Mobility, Ford's AV LLC and Ford's partnership with Argo AI.

"I'm thrilled and humbled by the opportunity to work with Jim Hackett and the entire Ford team to advance our vision to design increasingly intelligent vehicles and connect them to the world around us, all to make life better for our customers and communities," Farley said. "Ford is blessed with great people and an incredible brand, and together we will build a very bright future."

In addition, Ford announced that Hau Thai-Tang, chief product development and purchasing officer, will take on an expanded role, reporting to Jim Farley. Thai-Tang, 53, will continue to lead Product Development and Purchasing, while adding responsibility for Enterprise Product Line Management and connectivity.

"Hau will be the primary architect as we bring together the vehicle architecture and software stack to create products, services and experiences our customers will love," Hackett said. "We are moving forward with an integrated approach to vehicles and connected services, all anchored in an obsession for the customer, great design and a commitment to strong returns."

Ford CEO Jim Hackett lauded Hinrichs' contributions to Ford. "I thank Joe for his tremendous leadership over the past two decades," Hackett said. "Joe was instrumental to Ford's ability to survive the Great Recession a decade ago without bankruptcy or taxpayer bailout, and successfully headed Ford's operations in Asia Pacific and North America.

"Most recently, Joe oversaw our global portfolio of iconic vehicles, helped forge a long-term, mutually beneficial relationship with the UAW and was regularly sought out as an authority and promoter of smart global trade."

All the changes announced will be effective March 1.