Reports: Ford to replace CEO Mark Fields

Ford CEO Mark Fields is on his way out, according to published reports.

Fields, who has held the top job for less than three years, is set to be replaced by Jim Hackett, who runs the Ford unit that develops autonomous vehicles, according to The New York Times, The Associated Press and Forbes.

The reports cited unidentified sources. Asked for comment, Ford said it doesn't comment on "speculation or rumors."

Fields, 56, has worked for Ford for nearly 28 years. He became CEO in 2014, succeeding Alan Mulally, who is credited with turning Ford around and keeping it out of bankruptcy when rivals GM and Chrysler went bankrupt in 2009.

Fields has been faced with a new set of challenges for the auto industry. Ford announced plans last month to cut costs by $3 billion a year to free up money to develop the next generation of electric and self-driving cars and trucks.

Last week, the carmaker said it plans to cut about 1,400 jobs, roughly 10% of its salaried staff.

But Ford's share price has sunk under Fields. It's down nearly 40% since he took the top job.

Hackett is the former CEO of office furniture company Steelcase. His biography on the Ford website says that he helped transform the firm "from traditional manufacturer to industry innovator."

-- Rob McLean contributed to this report.

This BBSNews article was syndicated from News | WPLG, and written by News | WPLG. Read the original article here.