BREAKING: Driverless Tech Boss Jim Hackett Named New Ford CEO
A lagging stock price and slow development of driverless tech, drives Ford board of directors to appoint a new Chief Executive Officer.
Despite record-breaking profits, an unprecedented success of the all-new F-Series pickups, and mingling with Silicon Valley’s brightest minds, Mark Fields has been asked to “please clean up his desk” and make room for Jim Hackett.
Officially, and according to The New York Times, William C. Ford Jr., the company’s chairman, said in an interview that he had subsequently met with Mr. Fields and that they had “decided mutually” that Mr. Fields would retire after 28 years with the company.
It’s no secret that Ford Jr., along with the board of directors and shareholders weren’t happy with Fields. Ford’s stock has dropped nearly 40 percent since he took over in 2014, mostly due to a painfully long term sales strategy, which relied on high gas prices and average consumers acquiring smaller vehicles. In other words, the opposite of today’s reality.
It wasn’t until the annual shareholder’s meeting two weeks ago, that everyone finally voiced their frustrations with Fields loud and clear. Heck, it even prompted us to believe that right now — amidst the executive chaos — is the best time to buy a truck.
Jim Hackett led Ford Mobility since 2016, where he was given free rein to speed up the Blue Oval’s pace in the driverless car race. He’s responsible for many of the company’s recent technology headlines, and executives believe he has what it takes to lead Ford into the next chapter of its 113-year-old history.
Aside from his stint at Ford Mobility, Hackett served in the board of directors from 2013 to 2016, and led Steelcase Inc.’s turnaround to become the world’s No. 1 office furniture maker. In addition, other company executives will also be shuffling positions in order to better serve the company.
“We’re moving from a position of strength to transform Ford for the future,” Bill Ford said. “Jim Hackett is the right CEO to lead Ford during this transformative period for the auto industry and the broader mobility space. He’s a true visionary who brings a unique, human-centered leadership approach to our culture, products and services that will unlock the potential of our people and our business.”
With the automaker’s stock price hovering around $11 this morning, it’ll be interesting to see how Wall Street reacts to the news.