Home > Ford Set To Fire CEO Mark Fields As Shares Founder

Ford Set To Fire CEO Mark Fields As Shares Founder


Ford Motor Co is expected to announce the departure of Chief Executive Mark Fields in a broad management shake-up, a company source said - a move that reflects growing investor unease over the company's stock market performance and outlook. Forbes and the New York Times reported that James Hackett, 62 and chairman of the Ford unit that works on autonomous vehicles, would take the helm. An announcement could come as early as Monday. Ford shares are down nearly 40 percent since Fields, 56, took over three years ago, at the peak of the U.S. auto industry's recovery.

Added on the 22/05/2017 06:27:22 - Copyright : Wochit

To customise your video :

Or Create an account

More videos on the subject

  • Former Ford CEO Joins New Company

    Mark Fields, the former CEO of Ford who was ousted earlier this year after 28 years at the automaker, will join TPG Capital as a Senior Advisor, Business Insider has learned. TPG is a private-equity and alternative asset giant with over $73 billion in assets under management and was started as the Texas Pacific Group in 1992 by David Bonderman, James Coulter, and William S. Price III. TPG has grown substantially from its first offices in Northern California to locations worldwide. Over the decades, it has invested in numerous companies and participated in high-profile leveraged buyouts. Fields, 56, will focus on expanding the firm's industrials practice. Investments in this sector have included airlines and private-jet companies; going forward, TPG wants to invest in logistics, packaging, and mobility. TPG's first major investment was in bankrupt Continental Airlines in 1993, which according to firm resulted in a 1,000% return. "New technology is driving change and creating opportunities for growth and value creation throughout business operations. That gives us the opportunity to rethink traditional industrial applications, such as supply chains , like never before,"

    18/10/2017 - Wochit
  • New Ford CEO Streamlining Hierarchy, Hastening Decision-Making

    On Thursday, Ford Motor Co. outlines a broad reshuffling of senior management under its new CEO, including a new vice president for autonomous and electric vehicles. James Hackett was named CEO on Monday, and has already said that he wants to streamline the company's hierarchy and hasten decision-making. Sherif Marakby, formerly the vice president of global vehicle programs for Uber Technologies, was named Ford's new vice president of autonomous vehicles and electrification.

    25/05/2017 - Wochit
  • Ford Names Hackett As CEO To Tackle Car Rivals

    Reuters has reported that Ford Motor Company abruptly named James Hackett as chief executive on Monday, responding to investors' growing unease about the U.S. automaker's slumping stock price and its ability to counter threats from longtime rivals and Silicon Valley. Ford Chairman Bill Ford Jr., whose family effectively controls the U.S. Number 2 automaker, said he wanted Hackett to speed up decision-making and cut costs, but did not offer specifics on how the new CEO should change operations. "The clock speed at which our competitors are working …requires us to make decisions at a faster pace," said Ford Jr., who plans to take a more active role at the company, according to a person briefed on the matter. Ford, which announced plans to cut 1,400 white-collar positions last week, is expected to look at further significant cost cuts in the next three to six months, according to company officials, speaking on condition of anonymity as the plans have not been finalized. Hackett, 62, known as a turnaround expert who for the past year has led the Ford unit developing self-driving cars and related projects, replaces Mark Fields, 56, who spent less than three years as CEO. Fields' abrupt dismissal caught nearly all at Ford by surprise, but concerns about the company's direction have been brewing for some time. Ford, once the most financially secure of the 'Big Three' Detroit automakers, and the only one not to take U.S. government money in the U.S. auto industry bailout a decade ago, reported record profit in 2015, but now finds itself under pressure on all sides as overall U.S. auto sales fall. Rival General Motors Co (GM.N) is aggressively targeting Ford's share of the lucrative North American truck and sport utility business, the source of 90 percent of Ford's profit.

    23/05/2017 - Wochit
  • Oprah Winfrey To Join "60 Minutes" As Special Contributor

    The CBS family welcomes Oprah Winfrey as a special contributor to "60 Minutes" this fall. Winfrey said in a statement, "I'm so excited and proud to join forces with this historic news program, which for me represents the bastion of journalistic storytelling."

    31/01/2017 - Wochit
  • Trump Transition Member Says Travel Ban Could Have Been Better Executed

    On Monday a member of President Donald Trumps transition team came out to say that the travel ban issued over the weekend by President Trump could have been executed differently. James Carafano, is a member of the Trump transition team and also holds the title of vice president of Foreign and Defense Policy Studies at the Heritage Foundation. While he defended the Presidents order he admitted there were better ways of executing such a plan.

    31/01/2017 - Wochit
  • Best Nintendo Cyber Monday Deals

    26/11/2018 - Wochit

More videosBusiness

Watch video of Shares Of Blue Apron Dipped To An All-time Low. The Meal-kit Subscription Dropped To $1.81 Per Share On Tuesday. The Company Has Faced Increasing Pressures From Competition, Like HelloFresh. Big Companies Like Walmart And Amazon Entering Its Space. In March, Walmart Announced It Was Launching Its Own Line Of Meal Kits. The Company Has Struggled To Attract New Customers And Retain Old Ones Since Going Public Last June. - Blue Apron Shares Drop To A New Low - Label : Wochit -

Blue Apron Shares Drop To A New Low

03/04/2018 21:21:24