Ford has officially named Jim Hackett as its new company president and CEO, succeeding Mark Fields, who is officially retiring. The 62-year old’s previous track record include stints as CEO of Steelcase, interim athletic director at the University of Michigan and executive chairman of Ford Smart Mobility LLC since March 2016.

According to a statement issued by Ford, Hackett will report to executive chairman Bill Ford, and focus on three priorities. This includes sharpening operational execution, modernising Ford’s business and transforming the company to meet the future. He will also lead Ford’s worldwide operations and 202,000 employees globally.

“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,” said Ford.

Hackett’s predecessor, 56-year old Fields, departs the company after a 28-year career with the Blue Oval. His retirement quells previous reports that he was dismissed due to Ford’s tanking shares, which saw a price drop of 40% during his tenure. “Mark Fields has been an outstanding leader and deserves a lot of credit for all he has accomplished in his many roles around the globe at Ford,” said Ford.