Turns out following in Alan Mulally’s footsteps is a tough gig: Ford CEO Mark Fields is out. Former Steelcase CEO Jim Hackett is in.
When he took over for Mulally in July 2014, Fields inherited a company on the cusp of posting record profits. He oversaw the transformation of the cash cow F-150 to its aluminum body, as well as dozens of other product launches. He also appointed a separate president to head Lincoln, hoping to revive the luxury brand. With all that, Ford’s stock price has fallen nearly 40 percent.
In a statement, Ford executive chairman Bill Ford said the company is being set up for a brighter future under Hackett and that he is “the right CEO to lead Ford during this transformative period for the auto industry and the broader mobility space.”
Ford called Hackett a “true visionary” with a “unique, human-centered leadership approach to our culture, products and services that will unlock the potential of our people and our business.”
Hackett, 62, most recently was Ford’s Smart Mobility chairman, a subsidiary the company created last year to handle investments in autonomous vehicles and other types of mobility. Fields, 56, had pumped billions into self-driving cars and ride-sharing experiments as sales struggled.
Ford also named Jim Farley executive vice president and president, Global Markets. We particularly like this move: Farley is a car guy through and through, not just helping Ford reshape its products but, yes, racing his vintage Ford GT every chance he gets. Farley told Automotive News that he finds vintage racing “probably the most relaxing thing I’ve ever done.” He’s run the Le Mans Classic and the Rolex Monterey Motorsports Reunion at Mazda Raceway. He was president of Ford of Europe, Middle East and Africa.
Meanwhile president of the Americas Joe Hinrichs is now executive vice president and president, Global Operations, and Marcy Klevorn is now Ford’s executive vice president and president, Mobility. Those appointments take effect June 1.
In recent weeks, Fields was under pressure for the company’s lagging stock price and lower-than-expected profits so far this year. Automotive News says Ford board members had reportedly been questioning Fields’ strategy for the company’s future. Just last week, Ford said it would slash 1,400 salaried workers in North America and Asia to cut costs.
Before he was CEO, Fields held several positions, including COO and president of the Americas. He also served as Mazda CEO.
“We’re moving from a position of strength to transform Ford for the future,” Bill Ford said. “Jim Hackett is the right CEO to lead Ford during this transformative period for the auto industry and the broader mobility space. He’s a true visionary who brings a unique, human-centered leadership approach to our culture, products and services that will unlock the potential of our people and our business.”
