Ford fires CEO Mark Fields as its shares hover at 52-week low: Reports

Ford fires CEO Mark Fields as its shares hover at 52-week low: Reports
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Ford fires CEO Mark Fields as its shares hover at 52-week low: Reports

Ford Motor Co Executive Director (CEO) Mark Fields must leave the automaker as part of a reorganization that includes other changes in senior management as the company from which they fly close to a minimum of 52 weeks, reported several media outlets Communication on Monday.

Forbes and The New York Times reported James Hackett, head of the Ford unit working on autonomous vehicles, would take the reins. An ad could arrive as early as Monday.
Ford shares fell nearly 40 percent since Campos, 56, took over three years ago at the height of the recovery of the US auto industry. Now, car sales in the US Are falling and Ford’s profit margins are lagging behind those of rival General Motors Co.

Ford’s board of directors and president Bill Ford were unhappy with the company’s performance and tried to comfort it as investments in self-driving vehicles, electric vehicles and transportation services would pay.

Details of the new executive’s moves were not clear Monday. The Wall Street Journal said Sunday that the company was considering new allocations for some of the top field lieutenants.

“We remain focused on our value creation and profitable growth plan,” a Ford spokesman in Europe said in response to the reports. He declined to comment “on speculation or rumors.”

The Ford turmoil comes next, the three Detroit automakers are under pressure to prove they can avoid losses as the US auto market, the source of most of their profits declined after record sales the year past.

GM CEO Mary Barra, attacks destroyed Greenlight Capital’s hedge fund and its leader, David Einhorn, who wants to install three new directors of the plate manufacturers and split GM’s shares into two classes.

FiatChrysler Cars NV call charges by US authorities and California regulatory authorities that used software to copy in the greenhouse gas emissions reviews and CEO Sergio Marchionne has failed to find a merger partner for the company.

 

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