A major shakeup at the Glass House.
Ford has fired CEO Mark Fields, according to Automotive News, and will replace him with James Hackett, head of the automaker’s Mobility arm, as part of a broad management shakeup, according to reports by business insiders.
An announcement is expected to be made today. Fields will take a retirement.
Ford would not confirm the reports.
Fields, whose family home is in Florida, will be replaced by a longtime Michigan man.
Hackett is 62, and the former CEO of west Michigan office furniture maker Steelcase, was on Ford’s board from 2013 until last year, when he took charge of Ford Mobility. The mobility efforts were a major undertaking by Fields. Hackett also served as interim athletic director at Michigan.
Ford created the subsidiary last year to handle its investments in autonomous vehicles and new mobility services. Fields has been pouring billions into self-driving cars and ride-sharing.
The changes extend elsewhere in the executive ranks.
Jim Farley, president of Ford’s Europe, Middle East and Africa business, will oversee Ford global marketing and sales, and Lincoln. Joe Hinrichs, head of Ford North America, will manage global product development, manufacturing and labor, purchasing, and environmental and safety engineering,.
Marcy Klevorn, vice president of information technology, will take over Hackett’s role as chairman of Ford Smart Mobility. All of the changes were decided at a board of directors meeting last Friday.
Forbes reported that Ray Day, Ford’s head of communications, will be replaced by Mark Truby, who currently heads Ford’s Asia Pacific communications.
Fields, 56, had been under pressure for the company’s lagging stock price and lower-than-expected profits so far this year. Board members had recently reportedly questioned Fields’ strategy for the future of the company, which relies on heavy investments in driverless and electric vehicle technology. Since Fields took over as CEO from Alan Mullally in July 2014, Ford’s stock price has fallen nearly 40 percent.
Last week, Ford announced it would slash 1,400 salaried workers in North America and Asia.