Ford's CEO Mark Fields to leave amid worries about weak sales and falling share price
Ford Motor Company (NYSE:F) chief executive Mark Fields is reportedly set to step down amid investor worries about the carmarker’s falling share price, declining profits and weak sales.
Fields, 56, may be replaced by James Hackett, head of Ford Smart Mobility, as part of a management shake-up to help turn around the group.
Hackett,62, helped to revive office furniture maker Steelcase as its chief executive from 1994 to 2014 before joining Ford last year.
Ford is said to be making an announcement later today on the chief executive’s expected departure, first reported by the New York Times.
The company declined to comment on the reports.
Since Fields took up his role in 2014, Ford’s shares have dropped by 40% on worsening financial results.
Last week Ford announced it was cutting 1,400 jobs, or 10% of its workforce, in North America and Asia following calls from investors to reinvigorate its declining share price.
Fields was criticised at the annual shareholders meeting two weeks ago over Ford’s performance.
The firm sold 215,000 vehicles in April, 7% fewer than during the same month a year earlier.
Car sales in Europe dipped by 6.6%, the first fall since 2012. It was worse still in the UK, where April’s sales figures fell by almost 20% although this was partly due to a change in vehicle licensing rules.
First quarter net profit fell to US$1.6bn from US$2.5bn a year earlier.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/178123/ford-s-ceo-mark-fields-to-leave-amid-worries-about-weak-sales-and-falling-share-price-178123.html
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Who cares, Henry Ford one put a factory in every country in the world to compete with the local manufacturers, at least he provided employment with the Fords, now nobody associates a Ford with their country, buying one brings no benefits and there are lots of other importers out there. The Spanish and Mexicans cannot afford to buy one.