Ford’s share price is said to have fallen almost 40% in the past three years since Mark Fields took charge in 2014. According to reports, Fields is to be replaced by Jim Hackett, Head of Ford Smart Mobility, although the automotive manufacturer has not yet released an official statement.
Hackett has been on the Ford board since 2013 and has led the firm’s Smart Mobility subsidiary since March 2016. The move is said to reflect the growing investor unease over the company’s stock market performance and outlook.
As reported by ILM, the American manufacturer is under pressure to cut costs, boost profits and to improve its stock price. Following criticisms from its shareholders, Ford said it plans to reduce its staff worldwide by 10%.