James P. Hackett to take over CEO position of Ford Motor Co
- Author: Zachary Reyes Jun 03, 2017,
Jun 03, 2017, 20:41
As Post&Parcel reported this morning, speculation about Hackett's elevation to CEO appeared in various media outlets on Friday. He served on Ford's board from 2013 to 2016. He began leading that business unit in March of 2016.
A statement released by Ford explains Hackett's three priorities as, "Sharpening operational execution", "Modernizing Ford's business," and "Transforming the company to meet future challenges".
Reporting to Executive Chairman Bill Ford, Hackett will lead Ford's worldwide operations and 202,000 employees globally, according to Ford. Ford said in its official statement that Fields "is retiring", but it is reported that Fields has been fired as a result of the company's slumping stock price, which has dropped almost 40 percent while he was CEO.
Jim Hackett, who exercises oversight of the Ford subsidiary working on autonomous vehicles, will take over from Fields.
Jim Farley has been designated executive vice president and president of Global Markets, and he will serve under the 62-year-old boss of the American automaker. Marcy Klevorn is named EVP and president of mobility, succeeding Hackett.
The appointments take effect on June 1.
He is perhaps best known for being named as the interim athletic director of the University of MI in October 2014, after which he hired San Francisco 49ers Coach Jim Harbaugh to coach football at the alma mater of both men.
Ford's group vice president of communications, Ray Day, will be leaving the company and replaced by current vice president of communications for Ford's Asia-Pacific operations.
February 2017: Ford invests $1 billion over five years in Argo AI, an artificial intelligence startup that will help develop a self-driving shuttle due out in 2021.
Hackett, 62, most recently was Ford's Smart Mobility chairman, a subsidiary the company created a year ago to handle investments in autonomous vehicles and other types of mobility. Other automakers have acquired driverless auto start-ups or partnered with ride-hailing companies, including GM, which began working with Lyft past year. Though the automotive industry has been performing well, Ford's performance for the last few months were not that promising.
Paul Ballew is appointed vice president and Chief Data and Analytics Officer.