On Monday, Ford Motor will announced that CEO Mark Fields is retiring, to be replaced by Jim Hackett, the former chief executive of office-furniture company Steelcase Inc., people briefed on the switch tell The Associated Press and The New York Times. Fields, 56, is being pushed out after three years as chief executive and 28 years at Ford after the automaker’s share price has dropped 40 percent under his watch. Investors criticized him for lagging behind peers in creating electric vehicles and advancing toward self-driving autos, while also letting some core products grow stale. Hackett, who has led Ford’s mobility unit since last year, was credited with reversing Steelcase’s declining fortunes, in part by foreseeing the shift from cubicles to open office floor plans.
Reports: Ford CEO Mark Fields is set to be replaced by Jim Hackett who runs unit that develops autonomous vehicles https://t.co/QMdau8gqzX pic.twitter.com/l6RAKXgH7h
— CNN (@CNN) May 22, 2017