Hackett Replaces Fields as Ford CEO: Patch PM

METRO DETROIT, MI — Mark Fields is out as Ford Motor Company’s CEO and will be replaced by Jim Hackett, who now serves as president of Ford Smart Mobility LLC, according to multiple media reports. The move comes amid declining profits and falling stock prices at Ford.

Ford shares have slipped about 40 percent since Fields replaced Alan Mulally in July 2014. Ten percent of that slide came in the first five months of this year. Last week, Ford announced a reduction of 10 percent of its salaried employees in response to the softening U.S. auto market. Read the rest of the story here.

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