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Ford names new CEO following Mark Fields' retirement

23 May 2017

Ford Motor company has confirmed the appointment of Jim Hackett as president and CEO.

That led to Fields taking early retirement, and Hackett assuming his role.

As Post&Parcel reported this morning, speculation about Hackett's elevation to CEO appeared in various media outlets on Friday. He left Steelcase in 2015 and in 2016 joined Ford as the Chairman of Ford Smart Mobility LLC, a subsidiary that aims to make Ford an automaker and a mobility company that delivers connectivity, auto sharing, and autonomous vehicle solutions. Ford called Hackett a visionary who showed forward thinking as the head of Steelcase Inc. for 25 years.

Hackett was the interim athletic director at the University of MI from 2014 to 2016.

Hackett relinquished his position on Ford's board of directors past year to lead Ford Smart Mobility LLC.

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Hackett was formerly chief executive of Steelcase, Interim Athletic Director at the University of MI and has been executive chairman of Ford Smart Mobility LLC since March 2016.

"There is still an obsession with hierarchy", Ford said, adding that the focus on one's position inside the company may be hurting decision-making.

Ford's board and chairman Bill Ford Jr have been unhappy with the company's performance and sought reassurance that investments in self-driving cars, electric vehicles and ride services would pay off.

Ford's (F) new CEO plans to hit the ground running, fast.

It's not just the drop in sales, market share, earnings and the stock price (down 40 percent since Fields took the reins) that has Ford investors alarmed.

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"Transforming the company to meet future challenges, ensuring the company has the right culture, talent, strategic processes and nimbleness to succeed, as society's needs and consumer behavior change over time".

Hackett will have to placate investors anxious about Ford's sliding US market share and product decisions.

GM CEO Mary Barra is fending off attacks from hedge fund Greenlight Capital and its leader, Mr David Einhorn, who wants to install three new directors on the carmaker's board, and split GM's stock into two classes.

Ray Day, Ford's vice president of communications, is also leaving the company and will replaced by Mark Truby.

President of Ford's European, African and Middle Eastern operations, Jim Farley, will now be responsible for regions, sales and global marketing, while president of the Americas Joe Hinrichs will be in charge of global product development, labour affairs and manufacturing.

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Ford names new CEO following Mark Fields' retirement