Wall Street analysts are generally not too quick to aggressively slam a company in print, but it seems Trey Chowdhry at Global Equities didn't get the memo.
Chowdry is disappointed in Ford's choice to replace former CEO Mark Fields with Jim Hackett, calling the new boss "totally clueless."
The analyst also said the company is "toast."
"Ford needs an abstract and exponential thinker as a CEO and not run-of-the-mill kind of the new CEO, they just announced. We have been to at least three sessions on Ford Autonomous initiatives over the last six months," Chowdhry told clients.
"On a Scale of 10, if Tesla is a 10; Ford is -1 ... yes minus 1," he concluded. That was a bit of snark from Chowdhry no doubt, as at a press conference earlier Hackett told the press that, "We don't have to cede our future to anyone, not to Tesla Inc. (TSLA) - Get Tesla Inc Report , not others."
Ford (F) - Get Ford Motor Company Report said Monday that it ousted CEO Mark Fields, and will replace the company lifer with former Steelcase CEO and turnaround specialist Hackett. Anyone who has casually watched the developments at Ford over the past few months could have seen this one coming a mile away.
First, Ford issued a surprising profit warning in March thanks to slowing auto sales and investments in Field's pet mobility projects. Since then, auto industry sales trends have arguably worsened, which had many wondering if Ford's outlook was truly kitchen sink stuff.
Then in April, Tesla saw its market cap blow past Ford's. That was no doubt a slap in the face to a proud company such as Ford -- after all, it was one of the pioneers of the automobile industry. To top it off, Ford announced a good number of job cuts last week, likely as the board wanted to goose a stock price that been stuck in neutral under Field's leadership. Since Fields took over on July 1, 2014, shares of Ford have plunged 30%. Although Ford's results have been OK during that span, the reality is that other automakers have better sold their stories to Wall Street and have been rewarded accordingly.
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Editors' pick: Originally published May 22.