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UPDATE 1-Ford names Jim Farley COO, Hinrichs to retire

(Updates with confirmation from Ford)

DETROIT, Feb 7 (Reuters) - Ford Motor Co on Friday said the top executive Jim Farley will assume the position of chief operating officer, positioning him as potential heir to Chief Executive Jim Hackett.

Farley, president of new businesses, technology and strategy, has been viewed as one of the potential successors to Hackett, who took over in 2017. The news comes three days after Ford offered investors a disappointing 2020 profit outlook.

Ford also said that another executive, Joe Hinrichs, president of automotive, will retire. Many employees and outside observers had seen him as a favorite to succeed Hackett.

Jim Farley is the right person to take on this important new role, Hackett said in a statement. Jims 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. (Reporting by Ben Klayman Editing by David Goodman and Chizu Nomiyama)