Mark Fields, Ford CEO sacked for low stock price

Mark Fields.

According to report making the rounds from Ford Motors on Sunday, the motor’s CEO, Mark Fields is to vacate his position in the company.
Ford Motor’s board members are expected to announce the fate of the CEO on Monday.

Former Steelcase CEO Jim Hackett, head of the company’s “mobility” division and a favourite of Ford executive chairman Bill Ford Jr., will become CEO, according to a report first published in Forbes and then in the New York Times.

The shakeup comes after the board grew impatient at the company’s lagging stock price.

Even a round of global layoffs of 1,400 salaried workers announced last week failed to boost shares.

The company representatives did not respond to multiple requests for confirmation late Sunday night.

But the company said 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.”

The move puts an unexpected end to nearly three-year tenure at the top for Fields, who got the job after celebrated CEO Alan Mulally retired from full-time corporate leadership.