Former Ford President and CEO Mark Fields, who was ousted from his post at America’s second-largest automobile manufacturer last May, won’t be taking an early retirement – not yet, anyway. According to Business Insider, the 56-year-old businessman will join private-equity investment firm TPG Capital as a Senior Advisor, where he’ll help expand the company’s industrials practice.
TPG’s prior investments in the sector have included airlines and private-jet companies, Business Insider reports; the company wants to expand in the future with investments in logistics, packaging, and mobility. Mark Fields, whose career with Ford Motor company stretches back to 1989, and who was at the helm when the automaker announced its future-looking “Smart Mobility” strategy, could prove tremendously useful here.
“New technology is driving change and creating opportunities for growth and value creation throughout business operations. That gives us the opportunity to rethink traditional industrial applications, such as supply chains, like never before,” says Fields.
“Having spent my career in an industry that was, and continues to be, on the leading edge of technology and disruption, I look forward to working with TPG to find new opportunities to create change and innovate throughout the industrial sector.”
Mark Fields succeeded Alan Mulally as Ford’s CEO in July, 2014, presiding over a period of strong sales and profitability. Despite this, Ford’s share valuation slipped, prompting his replacement with former Steelcase CEO Jim Hackett in May, 2017.