Ford CEO Jim Farley takes over at a time when the 117-year-old company is faces many challenges. Spencer Platt/Getty Images On his first day as CEO of Ford, Jim Farley shook up his management team. CFO Tim Stone departed, and another executive was tasked with focusing exclusively on the Lincoln brand. But the biggest news was Ford's declaration that it would hit an elusive 8% annual profit margin, a target it has missed for a decade. Farley, known as a demanding leader, has the new vehicles coming to market that he needs to bring in lots of cash. But he has to manage Wall Street expectations driven by the runaway success of Tesla, negotiate a shift to electric vehicles, deal with the ongoing coronavirus downturn, and stare down an inevitable sales decline after a five-year boom.