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Ford Replaces CEO Mark Fields

Ford Is Replacing CEO Mark Fields

Ford (F) shares were indicated higher in premarket trading Monday after under-fire CEO Mark Fields was replaced by the company as it seeks to put a multi-year period of poor financial performance and share price declines behind it.

The company chose James Hackett, currently chairman of the group's Smart Mobility business, as Fields' replacement. Hackett's role at Smart Mobility has seen him oversee the group's effort to bring electric and autonomous vehicles to main street.

Mark Fields has been in the driving seat of Ford for the last three years during which the company's shares fell by 40%.

The move comes shortly after the company decided to try and boost Ford's finances by cutting 1,400 jobs.

This article was written by a staff member of TheStreet.