THE boss of Ford has admitted he wasn’t sure he was cut out to lead the company and nearly turned down the job.
Jim Farley said he had “a lot of self-doubt” when offered the CEO role in 2020 and feared it might end badly.
ReutersFarley became CEO of the Detroit-based company on October 1, 2020[/caption]The bombshell confession came during a speech to graduating seniors at Portsmouth Abbey School in Rhode Island on May 25.
Farley, 62, told the class of 2025 that saying yes to the CEO gig in 2020 wasn’t an easy decision.
“When I was asked to become CEO of Ford, I had a lot of self-doubt. I knew it would be a huge challenge,” he said, per Detroit Free Press,
He shared that his father had once been passed over for a CEO role at a major bank, and the memory stuck with him.
“I kind of knew that when I took this job at Ford, it might not work out, and I had to be all right with that,” Farley said.
“Yet, he courageously got past it. He never let it define him as a person.”
Farley became CEO of the Detroit-based company on October 1, 2020, following the retirement of Jim Hackett.
The executive returned to his former high school to share lessons from his life, decades after graduating in 1981.
His speech focused on the importance of understanding oneself, according to a statement shared by Ford.
“My time at the Abbey was filled with learning and self-discovery that had a profound effect on my own path in life and the person I am today.”
In his address, Farley admitted he used to try too hard to fit in – including one moment when he faked cheating on a test just to bond with classmates.
“Some of my friends were cheating on an important test here,” he said.
“I lied and told them I had cheated, too, even when I couldn’t bring myself to do it, actually. Can you imagine?”
He also shared a more meaningful memory.
Farley recalled helping a fellow student with a prosthetic leg each day, which earned him the school’s Headmaster’s Medal.
“I received it for helping a student named Carlos every morning put his prosthetic leg on and get around campus,” Farley said. “I enjoyed assisting him; it surprised me, and we became friends.”
Jim Farley Statement
“Yesterday I was honored to deliver the commencement address at my high-school alma mater, the Portsmouth Abbey School in Rhode Island.
“An amazing ceremony filled with accomplished students & proud families. My advice to the graduates was to ask yourself this question: ‘Who am I?’ Throughout my life I’ve asked myself that question – not to find a perfect answer, but begin a journey of self-reflection and growth.
“To know yourself, you first have to face yourself – your values, your fears & the choices that define you. Success isn’t about titles or external validation. It’s about staying true to what drives you, even when no one’s watching.
“Congratulations to the Class of 2025! And thank you, Portsmouth Abbey, for shaping the foundation of who I am.”
Source: Ford
After graduating, he went to Georgetown and then UCLA’s Anderson School of Management.
He told the students he first joined IBM as a salesman to please his parents, but quickly realized it wasn’t the right fit.
His heart was always with cars, something he picked up from his grandfather, Emmet Tracy, an early Ford worker who helped build the Model T.
By 14, he had landed a job rebuilding engines in California and eventually bought a black 1966 Mustang with a blown motor, which he fixed himself.
“I drove it across the country, straight through the nights, with no license and no insurance,” Farley said. “That was another moment when I discovered who I was.”
After IBM, he took a job at Toyota, a controversial move in his family, given their history with Ford and World War II service.
“My father had been a naval officer in the Pacific in World War II, and my grandfather was a factory worker at Ford,” Farley said.
“Accepting a job at Toyota and having to explain that to my family… I really, really had to know myself.”
Farley spent two decades at Toyota before jumping to Ford to lead its marketing team.
When it came time to consider the CEO offer in 2020, Farley made a list of what he would gain, what he would lose, and what risks were ahead.
“It came down to that same old question,” he said. “The whole list was there, but what did I want to do?”
It was his wife who reminded him he had been preparing for this moment his entire career.
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