Ford fires CEO Mark Fields

Ford's stock price has fallen almost 40 percent since Fields took the reins of the company three years ago. 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.

Hackett replaces Mark Fields, who is officially retiring from the company after a 28-year career.

These corporate positional changes are due to Executive Chairman Bill Ford as well as the rest of the board losing confidence in Field's leadership over the company.

Three new leaders have also been appointed who will report to Hackett.

Ford has appointed its former autonomous technology boss Jim Hackett as new chief executive officer.

Hackett worked at Steelcase, the world's largest office furniture manufacturer, for roughly 23 years.

"He's a true visionary who brings a unique, human-centered leadership approach to our culture, products and services", Bill Ford said.

Ford Motor will replace its chief executive Mark Fields - a move seen to reflect the pressures on U.S. auto industry - The New York Times reported citing officials briefed on the move.

Ford tackles electric vehicles and driverless auto market.

Turns out following in Alan Mulally's footsteps is a tough gig: Ford CEO Mark Fields is out.

Ford and Hackett's focus on the future of transportation has been much wider than just working on a self-driving auto for the consumer market.

Hackett also served as the interim athletic director at the University of MI from 2014 to 2016. Ford confirmed the change on its website Monday morning. 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.

Hackett's appointment was just the tipping point of a major management shakeup at Ford.

Ford declined to comment on the report. We particularly like this move: Farley is a vehicle guy through and through, helping Ford reshape its products and, yes, racing his vintage Cobra every chance he gets.

Hackett rose through the executive ranks at Grand Rapids, Michigan-based Steelcase from 1981-2014, getting named CEO at age 39 in 1994.

Mark Truby, 47, will replace long-time Ford communications chief Ray Day as vice president, communications.

  • Zachary Reyes