According to media reports, Ford Motor Company is replacing its President and Chief Executive Officer Mark Fields. CEO Mark Fields is retiring at age 56 after 28 years at the company.
Ford officials briefed that in unsettle reflecting pressures on the American auto industry, Ford Motor is replacing its chief executive. Jim Hackett, who oversees the Ford subsidiary that works on autonomous vehicles, will take the reins from Mr. Fields.
Ford Motor, Mark Fields
The officials announce that in early Monday morning. Ford’s shares dropped 40 percent – he came under fire from investors and Ford’s board for failing to expand the company’s core auto business and for lagging in developing the high-tech cars of the future.
Ford’s shares dropped 40 percent during the three years tenure of Mr.Fields. Mark Feilds came under fire from investors. Ford’s board fails to expand the company’s core auto business and for lagging in developing the high-tech cars of the future.
During the company’s annual shareholders meeting for Ford’s deteriorating financial results, Mr. Fields was sharply criticized. And the announcement came just after two weeks of it.
Mr. Hackett, 62, joined the company’s operational ranks as head of its “smart mobility” operation, last year which includes driverless technology. Before that, he was longtime chief of the office furniture giant Steelcase and a former Ford director.
Mr. Mark Fields, 56, recently trying to strengthen Ford’s bottom line by cutting 1,400 salaried jobs. But, he was unable to reverse the stock decline. Mr.Fiels ran out of time to carry out his strategy to slash costs and expand Ford’s lineup of trucks. And sport utility vehicles, while also investing in autonomous and electrified vehicles.
Ford is promising to have a fully autonomous vehicle on the road by 2021. Ford instead of spending heavily on self-driving research, is struggling to keep pace with larger automakers such as General Motors and tech giants like Google. These both of which have been testing self-driving vehicles.