In a surprising turn of events, Ford Motor Co has reportedly fired their CEO Mark Fields. The official announcement will be made on Monday, reveals a report. Fields, 56, has been with Ford for past 28 years. It is not clear as to what resulted in this, but as per the report, the entire top management has been re-jigged.
The report adds that Executive Chairman of the company, Bill Ford had lost confidence in the leadership of Mark Fields, and thus the shake-up.
Mark Field in India – during the inauguration of their plant in Sanand.
Before Fields, Alan Mulally held the position of CEO for 18 years. He was widely respected, and is credited with Ford’s global success that it has achieved today. As per an insider, the situation is not looking good as the person said – “Without Alan, it’s back to the inmates running the asylum.”
As per the people familiar with the board’s thinking, Mark failed to make critical decisions for the company. He was also not good at rallying employees behind a common cause – something that Mulally excelled in.
Since Fields took over, the share prices of Ford have been down 40%. Not only they have lost market share, but they are also finding it increasingly difficult to make investors believe in the company and buy the shares.
Replacing Mark Fields is 62 year old Jim Hackett – former chief executive of Steelcase. Post steelcase, Hackett has been the a Ford Director with the board for three years. He then left that position to become the Chairman of a new Ford mobility services subsidiary. Hackett worked with Steelcase for 30 years. In those years, he transformed the company from being just any other office furniture manufacturer to a globally renowned name in cutting-edge designer work places.