Ford Motor Company (NYSE:F) is replacing CEO Mark Fields, multiple media outlets report this morning. Jim Hackett, head of Ford’s self-driving vehicles unit will take over, according to reports. An announcement is expected later this morning. F stock is up 2.7% in pre-market trading.
Since Fields took the reins at the storied car maker in July 2014, Ford stock dropped 40% and the executive was pilloried by investors for not expanding the company’s primary car business fast enough. He came under fire at the recent annual shareholders meeting for disappointing financial results.
Ford last week said it will cut 10% of its global workforce, part of $3 billion in cost reductions for 2017, seeking to improve profitability in 2018 even as U.S. auto sales flatten.
InvestorPlace contributor James Brumley wrote on May 19 that “Investors just don’t see enough hope for a bright future.”
“Give Mark Fields credit for at least one thing … he’s trying new things rather than doubling down on the aging plans he inherited. “New” doesn’t guarantee success though, and little of what Ford is doing will likely bear fruit soon enough to sate current or potential F shareholders.”