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Mark Fields is out as president and CEO at Ford. It’s part of a big executive shakeup in which Fields will be replaced by Jim Hackett, former CEO of Steelcase and current head of the Ford Smart Mobility subsidiary. James Farley, head of Ford’s Europe, Middle East, and Africa business, and Joseph Hinrichs, who oversees North America, will both also be taking on larger roles. Ray Day, vice president of communications, is being replaced by Mark Truby, who heads communications for Ford in the Asia-Pacific region.
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Fields has been president and CEO at Ford since 2014, when he replaced Alan Mulally, who was brought in from Boeing in 2006 as the automaker faced a $ 17 billion loss. Fields, who has spent his career at the automaker, had tough shoes to fill. Mulally was credited with giving the company a more focused mission and with steering the automaker through bleak days at the end of the last decade, when fellow Detroit Three automakers General Motors and Chrysler were also in dire straits and, unlike Ford, fell into bankruptcy.
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The auto industry as a whole has since recovered, with two straight years of record new-vehicle sales in the United States. Along with that growth, Ford posted profitable full-year results but has been ceding market share to competitors. Perhaps more critically, the company’s stock price has plunged 40 percent with Fields at the helm.
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