Ford CEO Jim Hackett is retiring in October, the company announced. The automaker's chief operating officer, Jim Farley, will take over as president and CEO./Credit:	David Paul Morris/Bloomberg/Getty Images

Ford CEO Jim Hackett is retiring in October, the company announced. The automaker's chief operating officer, Jim Farley, will take over as president and CEO./Credit: David Paul Morris/Bloomberg/Getty Images

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Ford CEO Jim Hackett to retire and be replaced by COO Jim Farley

Ford CEO Jim Hackett is retiring in October, the company announced Tuesday. The automaker's chief operating officer, Jim Farley, will take over as president and CEO.