It’s been no secret Ford Motor Company shareholders are antsy over the company’s lagging stock price. Apparently the board of directors feels the same, because CEO Mark Fields has been fired from the company. Fields will be replaced by Jim Hackett, the current head of Ford Smart Mobility, LLC and former Steelcase CEO.
According to Forbes Ford Chairman Bill Ford lost confidence in Mark Fields after the company seemed to lack a comprehensive strategy. Fields has served as CEO since July 2014, when he assumed the ranks from rockstar CEO Alan Mulally. Fields has spent nearly his entire career at Ford, last serving as the company’s head of the America’s region.
In addition to Fields, it is reported certain senior executives will be assuming larger roles in the company. Those executives include Jim Farley and Joseph Hinrichs. Ford has also offer those two and a few other senior leaders retention offers in recent weeks, including product boss Raj Nair.
Ray Day, Ford’s communications boss, is also leaving the company. Day is being replaced by Mark Truby, vice president of communications for Ford’s Asia-Pacific operations.
Despite record breaking profits in recent years, investors have lacked confidence in Ford under Fields’ management. The company’s stock price has dropped 40 percent since 2014 and investors feel the business is eroding with weakening market share.