According to a reports by Forbes and the New York Times, Ford Motor Company’s board is set to dismissed Ford CEO Mark Fields, and an official announcement is expected to happen today, US time.
The report adds that Jim Hackett – 62, head of the the carmaker’s “smart mobility” division, former Steelcase CEO and a favorite of Ford executive chairman Bill Ford Jr – will replace Fields. It will be an abrupt end for Fields, 56, who has been in the job for nearly three years after replacing Alan Mulally.
Reports claim that the shakeup comes after the board grew impatient at the FoMoCo’s lagging stock price. Last week, it was announced that the profitable carmaker will cut 1,400 salaried jobs worldwide to reduce costs and boost profits. But even that failed to boost its shares. It’s noted that during Fields’ tenure, Ford’s shares dropped 40%, and he was grilled at the recent annual shareholders meeting.
There will be reshuffling at the top, too. According to NYT, Joseph R. Hinrichs, head of Ford’s critical Americas division, will expand his role to become executive VP for global operations. James D. Farley Jr, boss of Ford’s European unit, has been appointed to oversee worldwide sales and marketing. The company’s chief technical officer, Marcy Klevorn, will take over Hackett’s duties as chief of mobility initiatives.
Requests for confirmation on the impeding sacking late Sunday night by US news outlets were not met. The company instead said in a brief statement that “we are staying focused on our plan for creating value and profitable growth” and “we do not comment on speculation or rumours.”
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Good to see Ford CEO is not KEBAL. Unlike in Malaysia.
In Malaysia, company not doing well also, losing RM4 mil per day, heavy debts in billions also, the CEO and all the directors all use limousines, get big fat pay packet 6 figures per month, perks, benefits, entertainment etc etc.
Here, ALL KEBAL. Nobody can touch anybody in a company that is losing money in Malaysia.
In Malaysia, CEO is never sacked. If company is doing badly, CEO will get rewarded with higher pay and higher bonus.
Sometimes it’s not CEO’s fault. Most of the times its the company’s strategy planning team and also the research and development dept who did it wrong.
Ford never knows what the competitors are planning. What Hyundai and Toyota in USA coming up with. What do Vauxhall, Peugeot and Renault have up their sleeves in Europe.
10-20 years ago proton used to be hugely profitable company for several reasons, among them are price setting control and govt policy to use proton cars even the prime minister. So back then, the CEO can be seen as doing a very good job when the actual fact was a lot of external factor helped. For the last 5 years we have seen several new CEO for proton so who is to blame for proton poor sales performance?
Bashers will says somehow, according to their logic, ini mesti gov salah.
Its the ceo’s job to steer the company. If he says its all external factors at work then no need for a ceo lah