Ford Motor fires CEO Mark Fields, Hackett takes reins

DETROIT: Ford Motor Co Chief Executive Mark Fields (pictured) is set to leave the carmaker as part of a shake-up that includes other top executive changes as the company’s shares hover near a 52-week low, several media reported on Monday.
Forbes and the New York Times reported James Hackett, head of the Ford unit that works on autonomous vehicles, would take the reins.
Ford shares are down nearly 40 per cent since Fields, 56, took over three years ago at the peak of the US auto industry’s recovery.
Now, US auto sales are slipping, and Ford’s profit margins are trailing those of larger rival General Motors Co.
Ford’s board of directors and chairman Bill Ford Jr had been unhappy with the company’s performance, and sought more reassurance that investments in self-driving cars, electric vehicles and ride services would pay off.
Details of further executive moves were not clear on Monday.
The Wall Street Journal reported on Sunday that the company was considering new assignments for some of Fields’ top lieutenants.
“We are staying focused on our plan for creating value and profitable growth,” a Ford spokesman in Europe said in response to the reports. — AFP