The latest management shake up at Ford — the retirement of Mark Fields as CEO and the appointment of Jim Hackett to this position — was decided upon so that Ford is able to “accelerate a strategic shift to capitalize on emerging opportunities,” the company explained on Monday.
“We’re moving from a position of strength to transform Ford for the future,” Executive Chairman Bill Ford said in a statement.
“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.”
The company is scheduled to hold a news conference at 9:45 am ET.
The announcement comes less than two weeks after Fields was criticized during the company’s annual shareholders meeting for Ford’s overall sluggish financial results. During Fields’ three-year tenure, Ford’s stock has dropped a whopping 40 percent.
Hackett, 62, joined the company’s operational ranks last year as head of its “smart mobility” operation. Since then, Ford has promised to have a fully autonomous vehicle on the road by 2021.
“I am so excited to work with Bill Ford and the entire team to create an even more dynamic and vibrant Ford that improves people’s lives around the world, and creates value for all of our stakeholders,” Hackett said Monday.
Hackett, along with Bill Ford, plan to focus on three things, which include: sharpening operational execution, modernizing Ford’s business and transforming the company to meet future challenges, according to the company’s press release on this change.
Ford has also named three of its leaders to new roles under Hackett. Jim Farley has been appointed executive vice president and president, Ford Global Markets; Joe Hinrichs is now executive vice president and president, Ford Global Operations; and Marcy Klevorn has been appointed executive vice president and president, Ford Mobility.
These three appointments will be effective June 1.
“Mark Fields has been an outstanding leader and deserves a lot of credit for all he has accomplished in his many roles around the globe at Ford,” Executive Chairman Ford added.
This story is developing. Please check back for updates.