Ford Motor Company is replacing Mark Fields as CEO amid frustration from both shareholders and the board, Forbes reports. Fields, who assumed the role of CEO on July 1st, 2014 after the departure of Alan Mulally, has faced mounting criticism over the automaker’s languishing share value and declining passenger car sales.
Mark Fields will be replaced by Jim Hackett – head of Ford’s Smart Mobility subsidiary, and a 30-year veteran of Steelcase, who served as interim athletic director at the University of Michigan from October, 2014 to March, 2016.
Also departing Ford is the company’s Group Vice President of Communications Ray Day. He will be replaced by Ford Asia-Pacific Vice President of Communications Mark Truby.
Ford has not yet confirmed the changes to its executive lineup; a formal announcement is expected Monday morning. People familiar with the matter tell Forbes that the shakeup was prompted by the board’s waning confidence in Mark Fields’ leadership abilities, including a perceived inability to forge a cohesive vision for the company or make critical decisions.
Ford is anticipating $9 billion in profits before taxes this year – down substantially from last years $10.4 billion, or the $10.8 billion the automaker raked in the year before. The automaker’s US sales are down 5.6% through April this year.