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Ford names James Farley as new CEO amid ongoing turnaround effort

Aug. 04, 2020 01:27PM EST
Dan Ackermann

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.

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Jacob Blake sues Kenosha police officer after prosecutors declined to seek criminal charges

An African American man who was paralyzed after he was shot in the back by a Kenosha, Wis., police officer is suing the officer after prosecutors declined to seek criminal charges.

Why it matters: The federal lawsuit filed Thursday in U.S. District Court comes during stalling efforts to massively reshape police departments nationwide after last summer's protest over systemic racism and police excessive force.

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"Vaccine tourism" stretches states' supplies

Americans who are highly motivated to get vaccinated are traveling across state lines after hearing about larger vaccine supplies or loopholes in sign-up systems.

Why it matters: "Vaccine tourism" raises ethical and legal questions, and could worsen the racial socioeconomic and racial inequalities of the pandemic.

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Hedge funds will be the villain at GameStop hearing

The House Financial Services Committee will convene a hearing tomorrow on "recent market volatility involving GameStop stock and other stocks" to continue the whodunnit of the current state of financial markets, especially U.S. stocks.

What's happening: Chair Maxine Waters will question the CEOs of Reddit, Robinhood, Citadel Securities, Melvin Capital and Keith Gill, also known as Roaring Kitty or u/DeepF--kingValue.

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GOP Sen. Rob Portman will not run for re-election, citing "partisan gridlock"

Sen. Rob Portman (R-Ohio) announced Monday he will not run for a third term in the U.S. Senate in 2022, citing "partisan gridlock."

Why it matters: It's a surprise retirement from a prominent Senate Republican who easily won re-election in 2016 and was expected to do so again in 2022.

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