Ford announced Tuesday that James Farley will take over as its next CEO, replacing James Hackett, 65, who is retiring after three years in the job.

Why it matters: It leaves Farley to complete the company's ongoing turnaround effort. The transition will be that much harder as the industry tries to navigate the coronavirus-induced economic slowdown which shuttered Ford plants for two months on the eve of some of its most important vehicle launches.

• Hackett, a close ally of executive chairman Bill Ford Jr., often frustrated employees and investors with his Socratic leadership style and the slow pace of restructuring.

This piece will be updated with more details after Ford hosts a media call this morning.