Hackett was the CEO of furniture maker, Steelcase, for 20 years and interim athletic director at the University of MI where he also played football.
Ford shares were down almost 1 percent Wednesday to $10.95.
Mark Fields, the Paramus High School graduate who rose to chief executive of Ford only to be ousted earlier this week, will be walking away from the vehicle company with a payout that could total about $57.5 million in compensation, Bloomberg News reported.
Sherif Marakby is appointed to a newly created position of vice president, Autonomous Vehicles and Electrification, effective June 12.
The Dearborn, Michigan, automaker named a new head of global product development Thursday, as well as new heads of its operations in North America, Europe and Asia.
Ford Jr. seems confident Hackett will be able to accomplish similar things as former CEO Alan Mulally did.
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His annual base salary will now be $1.8 million, up from the $716,000 he was earning as the head of the Ford unit developing self-driving cars.
Fields will get monthly benefits from retirement programs valued at $17.5 million and had $532,715 in deferred compensation as of 31 December, according to Ford's most recent proxy filing. Mr Hackett also received an annual incentive plan target of up to US$3.6 million, restricted stock grants worth US$7 million and a US$1 million accession bonus. Thai-Tang, 50, will have the task of simultaneously accelerating vehicle development and reining in costs as rival General Motors Co GM.N unleashes a volley of models aimed at the heart of Ford's product lineup.
And Kenneth R. Kent will succeed Schloss as vice president and treasurer.
■Jeff Lemmer, new vice president and chief operating officer of information technology.
Moody's senior vice president Bruce Clark said in a research note the announcement is credit negative and could reflect more serious challenges than previously known.
James Hackett was named CEO on Monday, and has already said that he wants to streamline the company's hierarchy and hasten decision-making.
The company announced plans to cut 1,400 white-collar positions last week and is expected to look at further significant cost cuts in the coming months.