Ford Replaces CEO Fields

Ford Motor Co. has replaced Chief Executive Officer Mark Fields with James Hackett. The abrupt departure of Fields, 56, who spent less than three years on the job, is among a series of management changes at Ford.

Hackett, 62, a former CEO of furniture manufacturer Steelcase Inc, will take the helm in a broader shake-up aimed at speeding up decision-making and improving operations.

Executive Chairman Bill Ford Jr. and the board have been unhappy with the company's performance and sought reassurance that investments in self-driving cars, electric vehicles, and ride services would pay off.

Hackett was named Chairman of the automaker's Ford Smart Mobility LLC subsidiary in 2016 to focus on emerging businesses that include ridesharing and autonomous vehicles.

The upheaval at Ford underlines pressure on all three Detroit automakers to prove they can avoid losses as the U.S. market begins to slow from last year's record sales.

Jim Farley, Chief for Ford of Europe since January 2015, will oversee all of the company's regions, global marketing, and sales, as well as its Lincoln Motor Co. division.

Joe Hinrichs will manage global product development, manufacturing and labor affairs, purchasing, and environmental and safety engineering, while Marcy Klevorn, Vice President of Information Technology and Chief Technical Officer since January, will oversee Hackett's Ford Smart Mobility unit.