Ford Replaces CEO Mark Fields in Push to Transform Business
Ford Replaces CEO Mark Fields in Push to Transform Business
Reports: Ford is replacing CEO Mark Fields with another exec
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.
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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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