Ford Motor Co. fired Chief Executive officer Mark Fields Monday.
Fields, a 28-year Ford veteran, had been under pressure because the automaker’s shares had fallen 40 percent since he took over three years ago from Alan Mulally, the previous chief executive.
Here’s a rundown of the changes at Ford, which makes the top-selling F-150 pickup and other F-series trucks.
Jim Hackett, 62, was named chief executive. He led a turnaround at Steelcase Inc., the office furniture company, is a former member of Ford’s board of directors and has directed Ford Smart Mobility since 2006. He also served as interim athletic director at the University of Michigan.
Hackett will report to Executive Chairman Bill Ford.
Ford said Fields, 56, “has elected to retire.”
This is only the beginning of what could be significant change at Ford, Adam Jonas, a Morgan Stanley Research analyst, said in a report to investors.
“Expect other departures or reappointments to follow as Hackett pushes for cultural change,” Jonas wrote. “We expect Mr. Hackett to potentially take a different approach to lead cultural change through the infusion of more outside talent with expertise and experience in consumer electronics, software and data analytics.”
Ford said Hackett will focus “on three priorities: Sharpening operational execution, modernizing Ford’s present business and transforming the company to meet tomorrow’s challenges.”
The shake-up also includes a promotion for Jim Farley, 54, who becomes executive vice president and president, global markets. Farley has headed the automaker’s operations in Europe, Africa and the Middle East since January 2015. He will continue to head those regions and will oversee the struggling Lincoln Motor division as well as the strategy and business model development for electrified vehicles and autonomous vehicles.
Joe Hinrichs, 50, Ford’s executive vice president and president for the Americas, since December 2012, was appointed executive vice president and president for global operations. He will direct Ford’s global product development, manufacturing, labor affairs, quality and purchasing. He will also oversee sustainability, environmental and safety engineering.
Raj Nair, 52, becomes executive vice president and president, North America, succeeding Hinrichs. Nair previously served as executive vice president, product development, and chief technical officer, leading the company’s global product development operations.
Marcy Klevorn, 57, was named executive vice president and president, mobility. Klevorn takes over Ford Smart Mobility from Hackett. The division handles Ford’s effort to design, build, grow and invest in emerging mobility services, as well as information technology and global data, insight and analytics. She is Ford’s chief information officer.
Mark Truby, 47, will replace long-time Ford communications chief Ray Day as vice president, communications. Truby has previously led Ford’s Communications teams in Europe, the Asia Pacific region, the Middle East and Africa. Day will retire. Additionally Paul Ballew, 52, was named vice president and chief data and analytics officer.