Jim Farley

DETROIT — Jim Farley will lead Ford Motor Co. into the future as the global auto industry faces a new era of autonomous and electric vehicles.

The company named Farley, 58, as its new CEO effective Oct. 1, replacing Jim Hackett, who will retire after three years at the helm. Farley, who has been with Ford for more than a decade, had been chief operating officer since February and clearly was being groomed for the top position.

Ford is losing money and is transitioning from an aging model lineup to new vehicles, including those powered by electricity. It’s also in the midst of an $11 billion restructuring plan to cut costs and make money off its autonomous vehicle unit.

Executive Chairman Bill Ford, the great-grandson of founder Henry Ford, said the board was inspired by Farley’s leadership and felt the company is moving in the right direction.