Farley, on his first day as president and CEO, said several leaders will retire and John Lawler will become chief financial officer.
Lawler, 54, who's spent 30 years at Ford, had been CEO of Ford Autonomous Vehicles and vice president of Mobility Partnerships.
"John knows our company inside-out, has a clear view and great ambition for what Ford can be and articulates what's needed to get there," Farley said in a statement.
Ford said Chief Information Officer Jeff Lemmer will retire in January after 33 years -- and Lincoln President Joy Falotico, who'd previously also been an executive for Ford marketing, will now focus solely on the luxury brand.
Dale Wishnousky, vice president of Ford manufacturing in Europe, will retire at the end of the year. Kieran Cahill, a manufacturing and strategic projects manager, will succeed Wishnousky.
Farley said he plans to "move with urgency" in reducing costs, improving quality and restructuring underperforming businesses. He said there are also plans to expand manufacturing for commercial, electric and affordable vehicles worldwide.
Farley formally took over as Ford president and chief executive officer on Thursday, succeeding Jim Hackett, who announced his retirement last month.