Ford (F) - Get Report announced that CEO Mark Fields is choosing to retire on Monday amid pressure due to a share price that has fallen more than 10% year to date and more than 17% over the past 12 months. Ford will promote current Ford Smart Mobility Chairman Jim Hackett to the top position.
Today's announcement ends Fields' three-year run as CEO with the company as well as his 28 year career at the Dearborn, MI automaker.
"We're moving from a position of strength to transform Ford for the future. Jim Hackett is the right CEO to lead Ford during this transformative period for the auto industry and the broader mobility space," Executive Chairman Bill Ford said in a statement Monday.
Ford shares were up more than 2% premarket on the news.
RealMoney chartist Bruce Kamich has been bearish on Ford for weeks. Read Bruce's take on the company's chart here.