Ford may replace its CEO Mark Fields

  • Published On: 23 May 2017
  • 1130 Views

Autonomous vehicles division boss, James Hackett, seems the favourite to take over.

Ford could replace chief executive officer Mark Fields, a report by the New York Times states. Ford’s global CEO, Fields was reportedly ousted following Ford’s poor global sales.

Since taking the job in 2014, sales dropped by seven percent in the US and 11 percent in Europe. This triggered a decrease in share prices by almost 40 percent in a little over two years.

The news, however, is unconfirmed by Ford, with a spokesman stating that the company “won’t comment on speculation” and that it is sticking to its “current plan”. Autocar UK’s sources predict that an announcement will be made when the New York Stock Exchange opens. Ford's autonomous vehicles division boss, James Hackett, is expected to take over.

Ford recently announced plans to reduce its workforce in Asia and North America by 10 percent. The company currently has 1,01,000 and 23,000 employees in each region, respectively. A source said that the cuts are part of a $3 billion (approximately ₹19,377 crore) cost-cutting initiative targeted at addressing profit and share price issues.

News You May Like

 2021 Mercedes Benz GLA Launched at Rs 42.10 Lakhs

It comes in a total of four variants: GLA 200, GLA 220d, GLA 220d 4M and AMG GLA 35 4M

Read More
 High-Performance Hyundai Creta N-Line Rendered

Hyundai Creta N-line has been digitally rendered by KDesign

Read More