Ford Sees Major Power Shift After Firing CEO Mark Fields

Posted: May 22 2017, 7:33am CDT | by , in News | Cars & Vehicles

 
Ford Sees Major Power Shift After Firing CEO Mark Fields
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Ford takes major step after firing CEO Mark Fields while Former Steelcase Chief Jim Hackett is in line to takeover

In recent reports coming from various sources including Forbes and the New York Times, it has come out that Ford is firing its current CEO Mark Fields.

Mark Fields previously held the position of COO in the company, president of the company's Americas division, and CEO of Mazda when it was under Ford’s ownership.

He succeeded popular CEO Alan Mulally back in mid-2014. Fields was coming under intense pressure, following Mulally. Mullaly was one of the few people who stuck by Ford during the 2008-09 recession and turned down a federal bailout. He then returned the company to profitability.

Fields worked hard for the company to stay abreast. Among Fields’ various achievements is the launch of solid products like the latest generation of the F-150, expansion of Ford’s performance business, and refining of Ford’s infotainment systems.

However, his run was heavily criticized by the critics. They noted that Ford seemed to be playing it safe while competitors like Tesla, General Motors, and other competitors were taking major steps by developing electric vehicles. Contributing to the criticism was the flagging stock off Ford. Having slipped 40 percent since Fields took over, it was one conclusion to let him go.

His successor, Jim Hackett has been on Ford's board of directors since 2013. He took over as chairman of Ford’s Smart Mobility division in 2016. The division focus was on autonomous technology, data, and emerging services.

Hackett is not the only one getting a promotion. According to reports, other executives will be assuming larger roles as well. James Farley, president of Ford’s Europe, Middle East and Africa business, and Joseph Hinrichs, head of Ford North America. Ray Day, Ford’s group vice president of communications is also being replaced.Vice president of communications for Ford’s Asia-Pacific operations, Mark Truby will be taking over his position.

The shake-up has been described as a result of Executive Chairman Bill Ford losing his confidence in Mark Fields’ leadership.

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