On the same day that he stepped into his new role as CEO at Ford (F), Jim Farley has shaken up his leadership team in an effort to turnaround the company’s automotive operations.

Farley, who succeeded Jim Hackett on Thursday, made the announcements during a virtual town hall meeting with Ford’s global team. As part of Farley’s plan, costs will be reduced, quality will be improved, and underperforming businesses will be restructured.

“During the past three years, under Jim Hackett’s leadership, we have made meaningful progress and opened the door to becoming a vibrant, profitably growing company,” Farley said. “Now it’s time to charge through that door.”

“We are going to compete like a challenger – allocate capital to higher growth and return opportunities to create value – and earn customers for life through great products and a rewarding ownership experience.”

The leadership changes include the appointment of John Lawler,