jim hackett

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Former Ford CEO Mark Fields rumored to be sent home with $57.5 million

You probably heard about Ford’s CEO Mark Fieldsdeparture from the company. Fields has spent almost three years with the company, and now, he is going to be replaced by Jim Hackett, chairman of Ford Smart Mobility.

If you didn’t know why he was ousted, the former CEO had a difficult situation to handle - that is “to develop an autonomous car, and to be a worldwide guy”. The company basically gave Fields an impossible task considering the timeframe he was given.

The company even criticized him earlier this month during the annual shareholder meeting regarding the Michigan-based company’s sluggish financial results. This issue began when the company’s market capitalization fell behind Tesla’s earlier this year. Some even say that this action by Ford was unfair for Fields, since it is very difficult to compete with Google’s autonomous car space, the Alphabet, and Elon Musk of Tesla.

Read the entire article Former Ford CEO Mark Fields rumored to be sent home with $57.5 million

Ford names Jim Hackett as its new CEO

Ford Motor Co. now has a new man on the top, and he goes by the name of Jim Hackett. Effective May 22, 2017, Hackett is named the new president and chief executive officer of Ford, replacing erstwhile top honcho Mark Fields. In his new role, Hackett is now reporting directly to Executive Chairman Bill Ford.

Along with Bill Ford, Hackett outlined three main objectives for the carmaker: to sharpen Ford’s operational execution; to modernize the company’s present business; and to transform the carmaker to meet future challenges.

Hackett was formerly vice chairman of office furniture giant Steelcase (2014 to 2015). Before that, he was the company’s CEO, until his retirement in February 2014. In total, Hackett spent around 30 years in Steelcase, and is widely credited in guiding the company to becoming a global leader in the office furniture industry. He was instrumental in transforming Steelcase from just a traditional manufacturer to an industry innovator positioned as the #1 in the world.

Read the entire article Ford names Jim Hackett as its new CEO
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