Ford fires CEO Mark Fields

Xavier Trudeau
Juin 6, 2017

He faced harsh local criticism at the time, but Hackett took over after Steelcase reported a $70 million fiscal year loss; over the years, Hackett led the company through a reorganization that shed about half of its Grand Rapids area jobs.

While Ford has been making investments in mobility services, autonomous technology, and the electrification of its vehicles, the board ultimately didn't think the company was moving fast enough under Fields.

"Mark had a tremendous career at Ford and did great things", Bill Ford said. Just last week, Ford said it would slash 1,400 salaried workers in North America and Asia to cut costs.

While Ford is expecting a $9 billion pre-tax profit this year, market share is down and the company's share price is down 40 percent since Fields took over.

The move to replace outgoing CEO Mark Fields comes with other top leadership changes "designed to further strengthen its core automotive business and accelerate a strategic shift to capitalize on emerging opportunities", according to Ford. He's also credited with turning around an office furniture company called SteelCase, where he was CEO for two decades.

Hackett graduated from the University of MI with a finance degree in 1977 and played center for the football team.

Despite its 14.6 percent share of the USA vehicle and truck market in 2016, Ford's market value of $44 billion has been surpassed by electric-car upstart Tesla at $50 billion.

"We're still headed toward a place where people might not own cars, or if they do, they share them", Moody said.

Investors also worry that Ford is falling behind its rivals.

The former boss of office furniture firm Steelcase joined Ford past year to run its autonomous driving division. Farley used to be the CEO and Chairman of Ford Europe, and his grandfather used to work at the River Rouge Plant back in 1914. There are also concern about Ford's autonomous driving strategy.

Ford's stock rose 2 percent before the opening bell Monday.

Ford declined to comment on the report. In this role, Hinrichs will oversee Ford's global Product Development; Manufacturing and Labor Affairs; Quality; Purchasing; and Sustainability, Environmental and Safety Engineering; Hinrichs has been serving as Ford executive vice president and president, The Americas, since December 2012.

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