Ford is expected soon to announce the termination of its chief executive officer amidst a raft of personnel changes in its upper ranks.
According to a report from Forbes that’s quickly spreading to other reputable publications, the company’s CEO Mark Fields has lost the confidence of the board of directors as profits, market share, and stock prices have plummeted under his leadership.
Replacing Fields is said to be James P. Hackett, the head of Ford Smart Mobility LLC. Hackett previously served on the company’s board, as CEO of office furniture manufacturer Steelcase, and as interim athletic director at the University of Michigan.
Other senior executives from within the company are also expected to take larger roles, including James Farley (head of Ford’s Europe, Middle East, and Africa unit) and Joseph Hinrichs (head of Ford North America). Communications chief Ray Day is also tipped to be replaced by his Asia-Pacific counterpart Mark Truby.
It will have been a relatively short tenure for Fields, who took over the big office in 2014 after Alan Mulally retired at the end of a nine-year term. Bill Ford held the office between 2001 and 2006 until making way for Mulally by shifting to board chairman. Jacques Nasser held the position for only a couple of years between 1999 and 2001.