Ford sacks CEO Mark Fields, appoints Jim Hackett as successor

American auto giant Ford Motor Company has sacked its CEO Mark Fields and appointed Jim Hackett, current Ford Smart Mobility LLC subsidiary head, as the successor. Hackett has been named as President and CEO of the Detroit-based carmaker and will report to Executive Chairman Bill Ford.

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Changes at the helm are to further strengthen company's core automotive business and accelerate a strategic shift to capitalize on emerging opportunities, a company statement said. However, the shake-up is reported as a result of Bill Ford and the rest of the board losing confidence in Fields' leadership, reports Forbes. Fields had replaced Alan Mulally in mid-2014, but lacked his predecessor's vision to unite employees around a common mission or to make critical decisions about the company's strategy.

The new head, Hackett, has a long track record in the business and was successful as CEO of Steelcase, Interim Athletic Director at the University of Michigan and Executive Chairman of Ford Smart Mobility since March 2016. Hackett will be responsible for Ford's worldwide operations and 202,000 employees globally.

"I am so excited to work with Bill Ford and the entire team to create an even more dynamic and vibrant Ford that improves people's lives around the world, and creates value for all of our stakeholders. I have developed a deep appreciation for Ford's people, values and heritage during the past four years as part of the company and look forward to working together with everyone tied to Ford during this transformative period," said Hackett.

Hackett, together with Bill Ford, will focus on sharpening operational execution across the global business, modernizing Ford's business and transforming the company to meet future challenges.

Ford has also announced a new structure for its operations and named three new leaders reporting to Hackett. Jim Farley is appointed executive vice president and president, Global Markets while Joe Hinrichs elevated as executive vice president and president, Global Operations. Marcy Klevorn is the new executive vice president and president, Mobility.