Monday, 17 December, 2018

Ford fires CEO Mark Fields

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Frank Williams | 23 May, 2017, 10:54

Following the announcement of Fields departure and Hackett's huge promotion, Bill Ford compared his vehicle maker's new CEO to Mulally who averted disaster in the last economic meltdown. Steelcase handily weathered the storm and is now sitting pretty on top of the office furniture industry.

While Fields headed the company, Ford had some big changes to swallow-the biggest being its shift into a "mobility" company, with a focus on ride sharing, apps and autonomous cars.

Despite its 14.6 percent share of the US auto and truck market in 2016, Ford's market value of $44 billion has been surpassed by electric-car upstart Tesla at $50 billion.

The last few years have been hard on Ford, which saw its shares drop by 40 percent during the three years Fields has served as CEO.

Hackett also served as the interim athletic director at the University of MI from 2014 to 2016.

Biennial Rajya Sabha elections deferred
"The conduct of presidential elections may coincide with the schedule of aforesaid biennial elections as announced". The polling and counting of votes was scheduled for 8 June.

Earlier in his career, Hackett served as the CEO of Steelcase and interim athletic director of the University of MI.

"Transforming the company to meet future challenges, ensuring the company has the right culture, talent, strategic processes and nimbleness to succeed, as society's needs and consumer behavior change over time". In that role, he lured Harbaugh to U-M. Like its USA competitors, Ford faces its first downturn since 2009, after several years of record sales.

For instance, it's still three years from releasing a long-range electric vehicle, while GM already has one on the market (the Bolt). Ray Day, vice president of communications, is being replaced by Mark Truby, who heads communications for Ford in the Asia-Pacific region. Ford also made investments in new mobility companies and announced it would have a self-driving shuttle on the road by 2021, but its efforts haven't swayed investors. On Monday, that seismic shock arrived at Ford, where C.E.O. Marcy Klevorn, a 34-year technology veteran at Ford, will run the automaker's mobility arm.

The shake-up also includes a promotion for Jim Farley, 54, who becomes executive vice president and president, global markets. In his new role Hinrichs will oversee global product development, manufacturing and labor affairs, quality, purchasing, and sustainability.

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