Ford fans:
DETROIT (AP) -- Ford is replacing CEO Mark Fields as it struggles to keep its traditional auto-manufacturing business running smoothly while remaking itself as a nimble, high-tech provider of new mobility services.

The 114-year-old automaker said Fields is retiring at age 56 after 28 years at the company. Fields will be replaced by Jim Hackett, who joined Ford's board in 2013. Hackett has led Ford's mobility unit since March of last year.

In three years as CEO, Fields began Ford's transition from a traditional automaker into a "mobility" company, laying out plans to build autonomous vehicles and explore new services such as ride-hailing and car-sharing. Under Fields, Ford achieved a record pretax profit of $10.8 billion in 2015 as SUV and truck sales soared in the U.S.

But there were rumblings that Fields wasn't focused enough on Ford's core business, as popular products like the Fusion sedan grew dated and Ford lagged behind rivals in bringing long-range electric cars to the market. The stock price sagged, and electric car maker Tesla Inc. even passed Ford in market value. Ford's stock price has fallen almost 40 percent since Fields became CEO in July 2014.

Hackett is the former CEO of Steelcase Inc., one of the world's largest office furniture companies. He is credited with transforming that company, in part by predicting the shift away from cubicles and into open office plans. But he first had to cut thousands of jobs and moved furniture production from the U.S. to Mexico to stem massive losses at the company.

Ford Motor Co. Executive Chairman Bill Ford said in an interview that Hackett is the right person to lead Ford as it expands into new business areas, like making self-driving shuttles, because he's a "visionary" who knows how to remake a business. Car companies are facing increasing competition from Google, Uber and others as they try to plot their next moves.

"These are really unparalleled times, and it really requires transformational leadership during these times," Bill Ford said.

Hackett also served as the interim athletic director at the University of Michigan from 2014 to 2016. In that role, he lured star football coach Jim Harbaugh.

Bill Ford insisted that Fields wasn't fired. He called Fields "an outstanding leader" who orchestrated the company's turnaround a decade ago when he was head of Ford's Americas division.

"He and I sat down Friday and really decided this was the right time for him to go and for us to have new leadership," Bill Ford said. "People can speculate all they want about that. But the fact is, he is (retiring), and I feel we've got a great leader in Jim."

Fields resurrected Ford's luxury Lincoln brand and grew sales in China. His bet on using aluminum for Ford's trucks paid off in terms of better fuel economy and strong sales. Fields opened an office in Silicon Valley to hire talented young researchers and scout out promising startups.

But investors worried about Ford's sliding U.S. market share and product decisions. Ford's U.S. sales are down this year in part because it doesn't have offerings in popular segments like subcompact SUVs and midsize pickups. Ford continues to make small cars even though they're unprofitable and not in demand as buyers around the world gravitate to SUVs. And Ford hasn't kept up with rivals in the electric car market. General Motors' Chevrolet Bolt electric car, with 238 miles of range, went on sale last year; Ford is working on an electric SUV with 300 miles of range, but it's not due out until 2020.

Meanwhile, Mary Barra — who became GM's CEO about six months before Fields became Ford's — has made a series of headline-grabbing moves, such as forming a partnership with the ride-hailing company Lyft and pulling GM out of unprofitable markets, including Europe, India and South Africa. Still, GM faces unhappy investors of its own with its stock slightly below the $33 initial public offering price from November 2010.

Ford also made investments in new mobility companies and announced it would have a self-driving shuttle on the road by 2021, but its efforts haven't swayed investors.

Hackett is confident he can placate Wall Street.

"The way that that gets fixed is the nature of the innovation and the ideas making their way into the market," Hackett said. "It even sounds a little corny but the stock price is a consequence of the actions we're going to take to make the company more fit, more profitable and a more fun place to work."

https://finance.yahoo.com/news...s-ceo-035434602.html

Well, fuck.

I don't know I always get worried when I see executives of a company that have no experience within the industry. Ford does some things really well and others not so much. The F-150, Exploder, Edge, Escape and Mustang all do very well within their class.

Other things they seem to have sat on and ignored or missed the market all together. Ford was easy to market with hybrids, but while Toyota has really developed them Ford has become stale. The Taurus is ancient. Lincoln totally lacks an identity or a strong product. Toyota and Chevy continue to do well with mid sized pickups while Ford has yet to introduce the world market Ranger here in the US.

quote:

DETROIT (AP) -- Ford is replacing CEO Mark Fields as it struggles to keep its traditional auto-manufacturing business running smoothly while remaking itself as a nimble, high-tech provider of new mobility services.

Whenever I see this kind of bullshit I predict a bad future for a company that has lost its way.

"Nimble" sounds so cool. Let's see what Ford can do. Nimble.

I see another Mustang II-Ghia coming from Ford.....with an Ecoboost!

quote:

Originally posted by Southflorida-law:
I see another Mustang II-Ghia coming from Ford.....with an Ecoboost!

2nd worst car I ever owned.

quote:

Originally posted by 12131:
"Nimble" sounds so cool. Let's see what Ford can do. Nimble.

I know, right?!
How does a giant industrial company, 116 years old, all of a sudden compete with truly nimble, focused upstarts that have already carved out the niche?
Not only that... but it actually takes a giant industrial company to do what Ford does well....

The automakers are all sucking wind in terms of share price, even while they are making a fairly large profit.

But boards want the share price to go up. So the CEO gets the axe. It probably isn't the CEO's fault, but that doesn't matter much.

Challenging times in the auto industry, to be sure. Technology is outpacing industries left and right. Maybe nimble is the wave of the future.

I'm still behind the times. Never have taken an Uber or Lyft ride. Wonder if I should sell my buggy whip stock?

quote:

Originally posted by sjtill:

quote:

DETROIT (AP) -- Ford is replacing CEO Mark Fields as it struggles to keep its traditional auto-manufacturing business running smoothly while remaking itself as a nimble, high-tech provider of new mobility services.

Whenever I see this kind of bullshit I predict a bad future for a company that has lost its way.

Bingo. Not a good sign in my opinion.

quote:

Originally posted by 12131:
"Nimble" sounds so cool. Let's see what Ford can do. Nimble.

Yep, 'nimble' Let's see. In 2014 the market for mid-sized trucks in America began to take off. It hasn't slowed down since with all manner of manufacturers jumping in to enjoy the spoils. And what is Ford's entry into this growing market. Well, we won't know until 2019 when they bring the Ford Ranger back to market. Oh yeah, that's 'nimble' allright.

"while remaking itself as a nimble, high-tech provider of new mobility services." I don't want a new mobility service, I want a reliable vehicle - that doesn't cost as much as my freakin' house !!

"laying out plans to build autonomous vehicles" I think it will be many years before these are proven safe, reliable AND profitable.

"and explore new services such as ride-hailing and car-sharing" isn't this just a sales channel, similar in many ways to the rental fleet market? I don't see a lot of profit potential these new services....

Fields successfully redesigned the F150 and made the most beautiful Mustang ever. Seems like a car guy. Hackett made filing cabinets in Mexico.

The problem is, Ford has HUGE pension liabilities and HUGE debt outstanding. This reshuffle does not engender confidence.

Instead of trying to be "nimble", how about concentrating on building quality vehicles. I'm sure there are still quite a few people out there that still want reliable, well built cars instead of new mobility services, whatever that is.

quote:

Originally posted by 2000Z-71:
... Toyota and Chevy continue to do well with mid sized pickups while Ford has yet to introduce the world market Ranger here in the US.

I was looking at Ford F150's earlier this year. The salesman I worked through said ford is supposed to be bringing back the Ford Ranger in 2018, if I recall correctly.

quote:

he first had to cut thousands of jobs and moved...production from the U.S. to Mexico......because he's a "visionary" who knows how to remake a business.

So this is all it takes to be a visionary? I wonder what will be on his agenda. I don't consider this a good move, bringing in the move the jobs to mexico guy.

quote:

Originally posted by sjtill:

quote:

DETROIT (AP) -- Ford is replacing CEO Mark Fields as it struggles to keep its traditional auto-manufacturing business running smoothly while remaking itself as a nimble, high-tech provider of new mobility services.

Whenever I see this kind of bullshit I predict a bad future for a company that has lost its way.

Yup and Ford doubled down on this BS.

This ridiculous 'mobility' push is part of why they are suffering and they just went all in.

The successful 'older' companies that stay relevant do it by acquisitions, not developing. Ford should be buying up 'mobility' startups they believe in and not trying to figure it our from scratch.

Quote: "He and I sat down Friday and really decided this was the right time for him to go and for us to have new leadership," Bill Ford said. "People can speculate all they want about that. But the fact is, he is (retiring), and I feel we've got a great leader in Jim."

I got news for you Bob...he didn't retire, you fired him. Geez, where do these guys get this crap?

"Hackett is the former CEO of Steelcase Inc., one of the world's largest office furniture companies."

Well, at least the seats should get more comfortable.

Might not be bad. Remember the railroads owned America at one point, but couldn't grasp that they were shipping companies. They loved their choo choos. Now there's FedEx, UPS, and every trucking company under the sun.

That said... Ford will F it up. It's a tough transition to truly change yourself. My tag line of the Disciplined Pursuit of Less is from an HBR that describes why a company plateaus. In short, you must divest yourself of good opportunities (or things) to invest limited resources (time/money) in possible great opportunities.

People love Mustangs and the F150 pays the bills. Do they have what it takes to make something the world needs, that nobody else is making, or maybe even thought of? I'd suspect no, but I guess we'll see.