Money Ford set to replace Mark Fields in drive to boost its fortunes

15:00  22 may  2017
15:00  22 may  2017 Source:   International Business Times

Ford fires CEO Mark Fields, Hackett takes reins - reports

  Ford fires CEO Mark Fields, Hackett takes reins - reports Ford Motor Co Chief Executive Mark Fields is set to leave the carmaker as part of a shake-up that includes other top executive changes as the company's shares hover near a 52-week low, several media reported on Monday. Forbes and the New York Times reported James Hackett, head of the Ford unit that works on autonomous vehicles, would take the reins. 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. Now, U.S.

The move comes two week as Fields was criticised by shareholders for sliding financial results.

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Ford Motor will shift production of small cars to Mexico from Michigan despite Trump threat © Reuters Ford Motor will shift production of small cars to Mexico from Michigan despite Trump threat

Ford Motor Company is set to replace boss Mark Fields amid investor unrest that the car giant is falling behind its rivals.

Fields will retire at age 56 after 28 years at the company, it was reported in the New York Times.

Jim Hackett is expected to replace Fields, a turnaround specialist who has been leading the automaker's moves into self-driving cars and ride sharing.

Hackett, 62, joined the Ford board in 2013, and is a former boss of office furniture maker Steelcase.

The company is expected to release a formal statement about the chief executive's post later today (22 May).

Ford to cut its Asian and North American workforces by 10%

  Ford to cut its Asian and North American workforces by 10% 3,000 Ford employees in North America could lose their jobs , with further cutbacks in Asia, in the brand’s latest cost-cutting measures prompted by money troubles, Reuters reports.A source close to the plan said that the cuts are part of a $3 billion (around £2.3bn) cost-cutting scheme, as the brand aims to maximise its profits and rectify a fall in its stock price. Only salaried workers will be affected. After seemingly appeasing US president Donald Trump last year with the cancellation of a proposed $1.

Ford set to replace Mark Fields in drive to boost its fortunes . The move comes two week as Fields was criticised by shareholders for Hong Kong's Cathay Pacific airline to slash 600 jobs amid losses. Cathay Pacific posted its first full-year loss in 8 years in March.

Ford CEO Mark Fields © Mike Segar / Reuters REUTERS. Fields told Reuters earlier this month the automaker is exploring various options to boost its move into car-sharing, self- driving technology and services built on staying connected with customers during the 900 or so hours a year they are behind

Fields took the top job at Ford in 2014 and began the carmaker's transition from a traditional automaker into a "mobility" company, laying out plans to build autonomous vehicles and explore new services such as ride-hailing and car-sharing.

But there has been shareholder disquiet over the last year that Fields had dropped his focus on Ford's core business, as popular products like the Fusion sedan grew dated and Ford lagged behind rivals in bringing long-range electric cars to the market.

Electric car maker Tesla, with a market value of around $51.1bn, has passed the valuation of 114-year-old Ford, which is worth around $43.4bn. Ford's stock price has fallen almost 40% in the three years since Fields became chief executive.

The move comes two weeks after Fields was criticised during the annual shareholders meeting for Ford's worsening financial results. Last week he announced the firm would axe 1400 jobs.

Hackett is credited with transforming Steelcase, in part by predicting the shift away from cubicles and into open office plans. But he also cut thousands of jobs and moved furniture production from the US to Mexico to stem massive losses at the company.

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