Ford Motor's chief executive officer is replaced In what The New York Times describes Sunday night as a "shake-up reflecting the pressures on the American auto industry."
Jim Hackett, who oversees Ford's autonomous vehicles subsidiary and used to lead Steelcase, will replace Mark Fields, reports Bill Vlasic, Detroit bureau chief for the paper.
Fields’s three-year tenure includes blemishes. Stock shares dropped 40 percent during that time and he was criticized by Ford’s board and investors for failing to expand the company’s core auto business and for lagging in developing the high-tech cars of the future, Vlasic writes.
Business Insider shows the Wall Street s value skid:
Fields, 56, previously was chief operating office.
Joann Muller of Forbes magazine first reported the story.