Mark Fields has reportedly been fired from his position as CEO of Ford Motor Company, to be replaced by a man he appointed as head of the automaker’s mobility subsidiary.
According to Forbes, the company will announce the appointment of Jim Hackett as CEO this morning, part of a broader shakeup of the company’s upper ranks. Hackett, former CEO of Steelcase, served on the automaker’s board for three years before being named head ofÂ Ford Smart Mobility LLC in March, 2016.
Fields, a 28-year Ford veteran who replaced Alan Mulally in mid-2014, was reportedly booted by the company’s board amid a continued decline in share values. Two weeks ago, the CEO was grilled by board members and shareholders alike over the direction he has taken the company.
Sources told ForbesÂ Executive Chairman Bill Ford and the rest of the board had lost confidence in Fields’ ability to run the company. Since taking the helm, Ford’s share prices have dropped by 40 percent. Compared to rival GM’s aggressive streamlining and healthier balance sheet, Ford recently saw its first-quarter profits sink 35 percent.
Many question whether Field’s aggressive push for Ford’s entry into the realm of mobility services has harmed the company’s financial footing.
The report suggests new roles are on the way for other executives within the company. Those individuals includeÂ James Farley, president of Fordâ€™s Europe, Middle East and Africa division, and Joseph Hinrichs, head of Ford North America. Ray Day, group vice president of communications, will reportedly be replaced by Mark Trudy, vice president of communications for the company’s Asia-Pacific division.
Before being named CEO on July 1, 2014, Fields served as Ford’s chief operating officer. Ford has announced a news conference at its world headquarters in Dearborn at 9:45 this morning.[Image: Ford Motor Company]