Ford Motor Company CEO Mark Fields will be replaced at the helm of the company later today, according to a report published by the New York Times.
The American newspaper claims to have spoken with “officials briefed on the move”, and understands that Fields’ replacement as the new Chief Executive Officer will be Jim Hackett, who is currently head of Ford Smart Mobility – a subsidiary of the firm currently tasked with developing fully autonomous cars.
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Hackett has been on the Ford board since 2013 and has led the firm’s Smart Mobility subsidiary since March last year, while Fields took the reins at the Detroit car maker in 2014.
The reshuffle remains unconfirmed, and a Ford spokesperson declined to comment on “speculation”, adding, “We’re concentrating on Ford Motor Company’s plan”.
However, Auto Express understands that an announcement could be made early this afternoon, at the opening of the New York Stock Exchange (14:30 GMT).
According to the New York Times, Fields’ departure comes after pressure on the Ford CEO over the firm’s deteriorating financial results. Ford’s share price has dropped around 40 per cent since a July 2014 price of $17.72, to $10.87 at the close of trading last Friday.
The Fiesta remains the strongest selling car in Britain - and it recently achieved top status in Europe, just ahead of a new generation of the car arriving this summer. But the bigger picture for Ford in recent times has been one of decline; the NYT reports that global sales so far this year are 25 per cent down on 2016. The company has also experienced a number of recent setbacks with safety recalls and the cancellation of a $1.6 billion factory in Mexico for small cars, in favour of a smaller $700 million investment in Michigan.
We’ll update this story as soon as we receive fresh news.
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