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, a New York businessman, became Ford's CEO in 2014, having previously served as the company's COO & President of the Americas. During his tenure as CEO, Ford's share price has fallen by more than 40%. While Fields was at the helm, Ford was overtaken, in terms of market share, by Tesla. Fields has been repeatedly criticized for responding too slowly to the shift to electric & autonomous cars. In January 2017, Mark Fields & GM CEO Mary Barra met with President Trump.
It wasn't all bad news for Fields. Ford secured record pre-tax profit in 2015 due to strong sales of the F-150 pickup truck
This article was written by a staff member of TheStreet.