Ford replaces CEO in push to transform business

22 Mai, 2017, 09:29 | Author: Marc Bacque

Hackett is now chairman of Ford Smart Mobility, a Ford Unit started to design, build, grow and invest in emerging mobility services, according the Ford website. Ford planned to make an announcement on Monday, the officials said.

Ford's share price has dropped almost 40 percent since CEO Mark Fields took the job in 2014.

Fields has been under scrutiny by Ford's board, which scheduled extra meeting time to drill him on his plans for reversing the company's fortunes, according to a person familiar with the discussions.

Mr Hackett was appointed in March 2016 to head Ford Smart Mobility, a unit formed to accelerate the company's foray into emerging mobility services, according to his profile on the company's website. "We do not comment on speculation or rumors". In addition, market share has also diminished in the last three years, thus prompting the head honchos at Ford to rethink the management structure in a bid to recuperate some of the loss in the years to come.

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Fields has been faced with a new set of challenges for the auto industry. The company has also experienced a deep decline in the sale of small and mid-sized cars, leading some Wall Street analysts to suggest that it drop unprofitable models from its portfolio.

Ford's vehicle sales are down 25 per cent this year - far more than the overall industry decline in the auto segment - and it is making little, if any, money on the cars it does sell.

Fields was also at the head of Ford's $1.6B assembly plant plans in Mexico, which were scuttled as sales lagged and President Trump applied pressure on Ford to keep more jobs in the U.S. Ford's auto sales are -25% this year, far worse than its industry. He's an ex-chief executive of Steelcase, an office furniture company, where he worked for 30 years greatly helping with the firm's expansion.

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