Mark Fields is ousted as CEO and will be replaced by Jim Hackett (former CEO of Steelcase). Hackett joined Ford’s board in 2013. He stepped down from the board in March of 2016 to become the chairman for Ford Smart Mobility.
Some believe the company’s shares were to blame, hovering near a 52-week low. During Fields’ three-year tenure, Ford’s stock has dropped a whopping 40%.
in a statement Monday, Executive Chairman Bill Ford said, “we’re moving from a position of strength to transform Ford for the future. Jim Hackett is the right CEO to lead Ford during this transformative period for the auto industry and the broader mobility space. He’s a true visionary who brings a unique, human-centered leadership approach to our culture, products and services that will unlock the potential of our people and our business.”
Ford said Fields, 56, has elected to retire from Ford after 28 years with the company.
The move comes after a round of global layoffs of 1,400 salaried workers announced last week failed to boost shares.
In the meantime, Ford will promote Jim Farley. The head of Ford of Europe becomes President of Global Markets and will return to the U.S. Joe Hine-Ricks president of Ford’s Americas Unit, will be President of Global Operations.