Ford Motor Co. on Friday elevated a longtime marketing executive to the No. 2 job, betting his experience fixing operations in Europe and guiding the company’s future technology bets will help reverse a multiyear profit decline.

The auto giant promoted strategy chief Jim Farley to chief operating officer Friday, giving him broader responsibilities and positioning him to potentially succeed 64-year-old Chief Executive Officer Jim Hackett, a former office-furniture executive who has led the company for nearly three years.

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