Ford set to replace CEO Mark Fields

Ford (NYSE:F) CEO Mark Fields is set to leave his post as part of a re-shuffle, following a series of disappointing quarters for the car-maker.

According to reports by the Financial Times, Ford is set to replace its chief after a disappointing three years under Mr Fields. Since his appointment back in 2014, Ford’s share price has tumbled almost 40 percent.

Whilst the company have yet to formally confirm the decision, the head of Ford’s mobility unit, Jim Hackett, is reportedly set to take over the position.

Mr Hackett, who currently heads the company’s Smart Mobility Division, was previously credited with having revitalised furniture company Steelcase (NYSE:SCS) during his time as CEO for two decades.

It is expected that should Hackett indeed succeed Fields, he will look to place further emphasis on sustainability and innovation, given his time spent developing Fords autonomous vehicles.

Alongside the departure of Mr Fields, the automobile manufacturer is also to replace the groups vice president of communications Ray Day in favour of Mark Truby, who previously held the role of vice president of communications for the company’s operations in Asia.

A spokesman for Ford Europe said: “We are staying focused on our plan for creating value and profitable growth.” However, the spokesperson declined to issue a formal comment on the reports regarding Mr Fields future at Ford.

Back in April, Ford sales were down 7 percent in the US and 11 percent lower in Europe compared with a year earlier. Firm profits had also been affected by costs related to various safety recalls.

This follows last week’s announcement that the carmaker intends to reduce its global workforce by around 10 percent. As of 2016, Ford employs in excess of 200,000 people globally, which includes 101,000 in North America and 23,000 in Asia.

Amid the reports of the leadership re-shuffle, shares in Ford are currently up marginally by 0.74 percent as of 10.21AM (GMT).