DETROIT — The last time Ford Motor Co. shares were worth this much, Jim Farley was climbing the executive ranks at Toyota, Apple was about to reveal a handheld music player called the iPod, and air travelers didn't have to take off their shoes at security. Ford, fresh off the scandal surrounding Explorers fitted with defective Firestone tires, was a month away from firing Jacques Nasser as CEO.
The automaker's long-languishing stock hit $19.72 in morning trading Friday, touching its highest level since September 2001 and having nearly tripled in value during Farley's 13 months as Ford's top executive. The shares retreated later in the day, finishing down 0.67 percent to close at $19.29.
Shares had steadily slipped since Alan Mulally retired in 2014, a trend that factored heavily into the ouster of Mark Fields in 2017. They briefly dipped below $5 at the onset of the coronavirus pandemic last year and closed at $6.66 the day before Farley took over the top job in October 2020.