Monday, 23 October, 2017

Ford Replaces CEO Mark Fields in Push to Transform Business

Ford CEO Fields to leave as Hackett takes over Reports: Ford is replacing CEO Mark Fields with another exec
Kelvin Reese | 22 May, 2017, 16:44

Ford Motor Co is expected to announce the departure of Chief Executive Mark Fields in a broad management shake-up, a company source said - a move that reflects growing investor unease over the company's stock market performance and outlook.

It looks like it'll be all change at the top for Ford today, with the firm reportedly set to remove Mark Fields as CEO. He will be named Ford's new CEO as early as Monday, according to several people familiar with the matter. Ford's stock price has fallen nearly 40 percent in the three years since Fields became CEO. Forbes says that James P. Hackett, the head of Ford's Smart Mobility LLC subsidiary, will take Fields' place.

Hackett is the former CEO of Steelcase Inc., one of the world's largest office furniture companies. Hackett has led Ford's mobility unit since a year ago. Mr. Farley, meanwhile, helped deliver more than $1 billion in profit in Europe previous year, with the favorable result coming as GM exited that region due to persistent losses and a lack of confidence in its German Opel unit. He became CEO in 2014, succeeding Alan Mulally, who is credited with turning Ford around and keeping it out of bankruptcy when rivals GM and Chrysler went bankrupt in 2009.

Since his appointment in July 2014 Fields has been accused of, among other things, having been too slow to respond to the now-apparent shift toward electric and autonomous vehicles across the industry.

The upheaval at Ford underlines pressure on all three Detroit automakers to prove they can avoid losses, as the US auto market begins to slow from last year's record sales. Joseph R. Hinrichs, the head of Ford's critical Americas division will now be appointed as executive VP for global operations.

Leaked picture shows three new iPhones coming this year
This is an important factor in building the new OLED-equipped iPhone since 3D Touch requires users to press down on the display. A highly spec'd out iPhone 8 will draw attention away from the other smartphones, hurting their sales performance.

Ireland's political veteran Enda Kenny stepping down as party leader
Meanwhile, in Dublin, Leo Varadkar has made his first public appearance of the leadership campaign. Kenny was due to step down at midnight to become acting party leader until a successor is chosen.

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I'm happy for Danny as well. "This is a phase where we have to win every game, which we know". He is a big manager so to have that record.is something that is not normal", Mourinho said.

Ford has posted a series of solid profits under Mr. Fields, aided by renewed demand for pickups and sport utilities that deliver higher margins and do well in an era of cheap gasoline.

"These are really unparalleled times, and it really requires transformational leadership during these times", Bill Ford said.

But investors anxious about Ford's sliding USA market share and product decisions.

Ford shares are expected to open 0.55% higher from their Friday close at $10.93 each in NY, but have fallen more than 10.4% since the start of the year. And the company's chief technical officer, Marcy Klevorn, will take over Hackett's duties as chief of mobility initiatives.

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