Ford Replaces CEO Mark Fields

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Ford Motor Chief Executive Mark Fields is leaving the company, and will be replaced by the head of its Ford Smart Mobility LLC subsidiary, James P. Hackett, the company will announce Monday morning, according to a person familiar with the situation.

Other executives will assume larger roles, including James Farley, president of Ford’s Europe, Middle East and Africa business, and Joseph Hinrichs, head of Ford North America, people familiar with the changes said.

Also leaving the company is Ford’s group vice president of communications, Ray Day, who will be replaced by Mark Truby, vice president of communications for Ford’s Asia-Pacific operations.

The shakeup is a result of Executive Chairman Bill Ford and the rest of the board losing confidence in Fields’ leadership, according to people familiar with the board’s thinking. Read more at FORBES.

{Matzav}

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