Ford Motor to replace chief executive Mark Fields

In an official statement, Hackett said that his goal as Ford CEO is "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". Executive Chairman Bill Ford called Hackett a "visionary" who knows how to remake a business. Fields had the youth and energy to propel the company forward, but he couldn't devote himself entirely to talk of Ford's self-disruption.

The departure of Mr Fields, 56, is among a series of management changes announced.

April 2016: Ford announces it's opening a $1.6 billion plant in Mexico and will move small auto production there from MI.

"These are really unparalleled times, and it really requires transformational leadership during these times", Bill Ford said. Besides Steelcase, he served as interim athletic director at the University of MI, chaired Ford's Smart Mobility arm from early 2016 and sat on Ford's board of directors from 2013 to 2016. He will report to new Ford CEO Jim Hackett. The appointments are effective June 1.

October 2014: Ford launches luxury Lincoln brand in China.

The American automaker announced Monday that Mark Fields is resigning as CEO, ending a 28-year tenure with the company, according to a press release. "He then hired Jim Harbaugh (as head football coach) and left the department in much better shape than he found it".

"If anything, the board and Mr. Ford himself are increasingly frustrated that nothing they're doing seems to be generating any response from the stock market and not much movement in the auto market", Eisenstein says. Ford's US sales are down this year in part because it doesn't have offerings in popular segments like subcompact SUVs and midsize pickups. But before he came to Ford he had a sterling career in inventing things.

Under Hackett, Ford will also make a big push into mobility services.

Previously, Hackett, 62, served as the CEO of Steelcase, an office furniture maker. Notably, Ford has elevated Joe Hinrichs, the former president of the Americas division, to a broad global role focuses on product development, manufacturing, quality, and sustainability.

The group's profits plunged by 38 percent in 2016, a trend that was confirmed in the first quarter, while costs exploded. The Mobility department will be led by Marcy Klevorn, who has been designated executive vice president and president.

  • Zachary Reyes