Ford CEO Mark Fields About To Lose His Job (Updated)

It looks like it’ll be all change at the top for Ford today, with the firm reportedly set to remove Mark Fields as CEO.

Forbes and The New York Times are both reporting that Fields (above) will be replaced by Jim Hackett today, amid falling sales that have seen Ford’s share price drop by 40 per cent since Fields took the helm in 2014.

Ford is also in the midst of a drastic $3 billion cost-cutting scheme, which will result in its North American and Asian work forces being slashed by 10 per cent.

Hackett (above) will join from Ford Smart Mobility (in other words, the autonomous motoring bit of the company), where he’s been in the position of chairman since March 2016.

Ford is expected to make an official announcement when the New York Stock Exchange opens today at 9.30am Eastern.

Update: the change of leadership with Ford is now official, with Hackett taking the job and Fields leaving Ford after 28 years with the company. Speaking about his new role, Hackett had this to say:

“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.”