Ford Motor Co. is firing CEO Mark Fields after less than three years at the helm of the second-largest US automaker, multiple news outlets reported Sunday night. Fields will be replaced by Jim Hackett, the chairman of Ford’s forward-looking Smart Mobility division.
The outlets, including Forbes and the New York Times, cited unnamed sources. Fields has come under pressure for the company’s flagging stock price, which has sank nearly 40 percent during his stint as CEO. Ford shares closed Friday at $ 10.87.
The 56-year-old has led Ford since mid-2014, when he took over from Alan Mulally, the popular CEO tapped by Bill Ford Jr. to execute the company’s turnaround. Previously, Fields was COO, president of the company’s Americas division, and CEO of Mazda when it was controlled by Ford. He’s been with the company since 1989.
Under Fields, Ford launched solid products like the latest generation of the F-150, expanded its performance business, and refined its infotainment systems, but critics argued the company appeared to be treading water as Tesla, General Motors, and other competitors grew in emerging areas like electric vehicles. Fields also had the unenviable task of following Mulally, who famously turned down a federal bailout during the darkest days of the 2008-09 recession and then returned the company to profitability.
Hackett, 62, led Steelcase, a Grand Rapids, MI, furniture maker, for 20 years. He joined Ford’s board of directors in 2013 and took over as chairman of its Smart Mobility division in 2016, focusing on autonomous technology, data, and emerging services. He also served as interim athletic director of the University of Michigan from 2014-2016.
Ford spokesmen did not immediately respond to requests for comment early Monday morning. An announcement is expected later in the day, with more executive moves likely.
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