Ford to Announce Firing of CEO Mark Fields This Morning: Report

by Steph Willems

May 22nd, 2017 7:41 AM

ford to announce firing of ceo mark fields this morning report

Mark Fields has reportedly been fired from his position as CEO of Ford Motor Company, to be replaced by a man he appointed as head of the automaker’s mobility subsidiary.

According to Forbes, the company will announce the appointment of Jim Hackett as CEO this morning, part of a broader shakeup of the company’s upper ranks. Hackett, former CEO of Steelcase, served on the automaker’s board for three years before being named head of Ford Smart Mobility LLC in March, 2016.

Fields, a 28-year Ford veteran who replaced Alan Mulally in mid-2014, was reportedly booted by the company’s board amid a continued decline in share values. Two weeks ago, the CEO was grilled by board members and shareholders alike over the direction he has taken the company.

Sources told Forbes Executive Chairman Bill Ford and the rest of the board had lost confidence in Fields’ ability to run the company. Since taking the helm, Ford’s share prices have dropped by 40 percent. Compared to rival GM’s aggressive streamlining and healthier balance sheet, Ford recently saw its first-quarter profits sink 35 percent.

Many question whether Field’s aggressive push for Ford’s entry into the realm of mobility services has harmed the company’s financial footing.

The report suggests new roles are on the way for other executives within the company. Those individuals include James Farley, president of Ford’s Europe, Middle East and Africa division, and Joseph Hinrichs, head of Ford North America. Ray Day, group vice president of communications, will reportedly be replaced by Mark Trudy, vice president of communications for the company’s Asia-Pacific division.

Before being named CEO on July 1, 2014, Fields served as Ford’s chief operating officer. Ford has announced a news conference at its world headquarters in Dearborn at 9:45 this morning.

[Image: Ford Motor Company]

#Ford #FordMotorCompany #JimHackett #MarkFields

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6 of 92 comments

Deanst on May 22, 2017

Lots of Monday morning quarterbacking here. Ford is doing fine, but could be better. The F150 was a huge risk that worked out very well. Lincoln is dong well for the minimal investment involved - particularly versus the huge sums misspent at Cadillac. Ford's biggest problems are reliability and fuel efficiency. The vehicles have sub par reliability, and the efficiency on their turbo cars - especially the real world results - are terrible. Hard to justify great new investments in small cars, but if the focus and fiesta were reliable and fuel efficient they would,be respectable contenders in their classes. Ford also has moved to break even in Europe, while GM had to give up and abandon that market.

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- 87 Morgan on May 22, 2017
  
  For whatever reason, I have always thought of Ford as a global company and GM more uniquely American in the sense that the GM product (sans China/Buick) really does not appeal seemingly to those outside of the Americas (Mexico, US, Canada). With that in mind, I find it to be reassuring that the top brass as GM has finally recognized that something that is uniquely American will not have appeal in Europe and other markets around the world and to taking permanent steps to stop the cash burn in pursuit of the delusion.
  
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- Lou_BC on May 22, 2017
  
  @deanst - I do agree. Ford needs to improve reliability first and foremost. The current drop in fuel prices means Ford has some time to improve mpg and mpg isn't much of a concern for buyers. If one looks at Ford F150. Most pickups sell with the EB3.5. If I go on line and search, the vast majority of left over 2016's are 5.0's.
  
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- FreedMike on May 22, 2017
  
  "...if the focus and fiesta were reliable and fuel efficient they would,be respectable contenders in their classes." I shopped the Focus fall. I'd say it's plenty good to drive, even if it's a bit old. But I was leasing no matter what, and since the Focus has abysmal resale value, it wasn't worth anything more than a test drive. And that relates back to the quality/reliability issues mentioned. A Focus is a great deal as a used car if you can put up with the transmission (which is a lot less of a problem than it used to be). No way I'd buy one new, though, unless I was planning on driving it into the ground over 10 years (and folks who want to do that buy Corollas anyway).
  
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TomLU86 on May 22, 2017

Well said, Deadweight! I commend you. Succinct too! I would add this: That is generally the way it has been for a while. During the eras from 1900 to 1930, and again 1945-1973, the interests of big money coincided with the interests of "middle" and "working" America. That is, the path to even bigger riches for big money was to invest and to PAY the masses well. Since 1973 in America, and 1990 in the West in general, this has ceased to be the case. This is why we (the 'average' American) is running--on a treadmill, and going backwards.

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- 28-Cars-Later on May 22, 2017
  
  Astute observations. I have been calling this as an environment of devolution for some time. Society peaked sometime between 1965 and 2000.
  
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