Fields to retire as Ford CEO

Michael Martinez - Automotive News

DETROIT -- Ford Motor Co., in a broad management shake-up, named Jim Hackett, former CEO of Steelcase, as its new CEO, replacing Mark Fields, who is stepping down amid pressure from shareholders over a slumping stock price.

Ford said Fields, 56, has elected to retire from Ford after 28 years with the company.

“We’re moving from a position of strength to transform Ford for

the future,” Executive Chairman Bill Ford said in a statement Monday. “Jim Hackett is the right CEO to lead Ford during this transformative period for the auto industry and the broader mobility space. He’s a true visionary who brings a unique, human-centered leadership approach to our culture, products and services that will unlock the potential of our people and our business.”

Hackett, 62, most recently served as chairman of Ford Smart Mobility. Ford created that 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 experiments as its traditional car business has struggled in a slowing U.S. market.

In addition to the CEO changes, Ford announced:

Jim Farley is appointed executive vice president and president, Global Markets. He previously served as president of Ford’s Europe, Middle East and Africa. Farley will be returning to Ford headquarters in the U.S., a spokesman said.

Among his new duties, Farley will preside over the Lincoln luxury brand. Lincoln President Kumar Galhotra will report to Farley.

Joe Hinrichs, formerly president of the Americas, was appointed executive vice president and president, Global Operations.

Raj Nair will continue to serve as head of Ford product development, and will report to Hinrichs, a spokesman said.

Marcy Klevorn is appointed executive vice president and president, Mobility.

Those three appointments are effective June 1. New leaders to succeed Hinrichs, Farley and Klevorn will be the subject of a future announcement, Ford said.

Paul Ballew was also appointed vice president and Chief Data and Analytics Officer.

Mark Truby also replaces Ray Day as head of communications. Day will stay on to “provide consulting services” through the end of the year. Truby will report to Bill Ford.

Forbes first reported the management changes Sunday night.

Ford shares were up 1.75 percent to $11.06 in pre-market trading.

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