Ford Motor is replacing Mark Fields as CEO

PUBLISHED: Mon, 22 May 2017 07:47:56 GMT

Ford Motor reportedly shuffled its senior leadership team, with plans to replace CEO Mark Fields with executive chief Jim Hackett as a steep stock price decline prompted a review of management, reports said on Monday, citing sources.

CNBC’s Jon Fortt (l), seated with Ford CEO Mark Fields (r).

The changes were reported by both Forbes and the New York Times, citing unnamed officials.

“We are staying focused on our plan for creating value and profitable growth. We do not comment on speculation or rumors,” a Ford spokesman said in response to CNBC’s emailed request for comment.

 Last week, sources told CNBC that the automaker was planning to cut 10 percent of its jobs around the world in a bid to increase profits and lift the stock, which is hovering near a five-year low.

Ford’s share price has dropped nearly 40 percent since CEO Mark Fields took the job in 2014. Hackett is currently chairman of Ford Smart Mobility, a Ford Unit started to design, build, grow and invest in emerging mobility services, according the Ford website. He was named to the position March 10, 2016.

Read the full New York Times report here.

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