Ford Replaces CEO and Some Are Calling It a Coup

Published May 22nd, 2017 - 02:56 GMT
Outgoing Ford CEO Mark Fields. (AFP)
Outgoing Ford CEO Mark Fields. (AFP)

Ford Motor has announced on Monday the departure of Mark Fields, its CEO of just three years, and some industry experts are calling it a 'takeover from within.'

According to Reuters, the ouster of Fields is among a series of management - and strategy - changes at Ford.

James Hackett, head of the Ford unit that works on autonomous vehicles, will replace Fields in a shake-up aimed at speeding up day-to-day operations and decision-making, Reuters reported.

"With this transition, we are moving forward with great optimism," Executive Chairman Bill Ford Jr. said in an email to employees. "We have the right team to sharpen our operational excellence, modernize our business, and develop and invent new business models for the future."

Ford said last week it would cut 1,400 jobs in North America and Asia.

Earlier this year, electric car maker Tesla overtook GM and Ford as America's most valuable automaker. The contrast shows investors' faltering confidence that traditional automakers can make the transition to the future.

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