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Ford on Wednesday named two company veterans to lead its auto and mobility businesses as the No. 2 U.S. automaker shifts its focus to autonomous vehicles and realigns its automobile portfolio.

Joe Hinrichs was named president of Ford's automotive unit, and Jim Farley will be president, new businesses, technology and strategy, effective May 1. Both will report to Chief Executive Officer Jim Hackett.

Hinrichs' goal will be a sustainable EBIT margin (earnings before interest and taxes) of at least 8 percent, Ford said. He'll have responsibility for all of Ford's global business units, and both the Ford and Lincoln brands. And he'll lead all of the automotive skills teams, from product development through customer experience.

"Joe Hinrichs possesses the knowledge, experience and leadership to now take our Automotive business to world-class levels of product excellence, customer satisfaction, efficiency and financial performance," Hackett said. "As we enter a busy period for new product launches and further restructuring in underperforming markets, Joe's leadership in transforming businesses through focused execution will be key."

Farley is charged with leading Ford's strategic transformation, in which it hopes to gain higher margins through smart/connected vehicles. He'll oversee corporate strategy, global data analytics, global partnerships, research and advanced engineering, including initiatives in smart mobility and autonomous vehicles.

"Jim Farley's job is to drive us into the future, both strategically and operationally, from AVs to mobility experiences to leveraging AI and big data. Jim combines an innate feel for what customers want and need in vehicles and the ability to translate this into the vehicles and services of the future," Hackett said.

Marcy Klevorn, president of Ford Mobility, plans to retire Oct. 1 after 36 years at Ford. Until then, she will report to Hackett in a strategic role.

"I have asked Marcy to work with me and the senior team to accelerate our transformation," Hackett said. "Marcy's decades of experience working with many of the leading companies in the tech space as well as the work she has done with the transformation of Ford IT and the establishment of Ford Mobility gives her unique knowledge to drive these initiatives."

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