Mark fields is said to be fired from the post of CEO of Ford. The new CEO of Ford can be Jim Hackett. Jim Hackett was recently working as the in charge of Ford’s autonomous vehicle subsidiary which is also known as Ford Smart Mobility. Before joining Ford, Jim Hackett ran Steelcase furniture for around 20 years. Mark fields have been CEO of Ford for three years. During these three years tenure of Mark as a CEO, Ford stock dropped by 40 percent.
Smart Mobility LLC headquarters is located in Palo Alto, which is far away from Ford’s headquarters located in Dearborn, Michigan. In an interview, Mark Fields had said, “The reason we wanted to do it separately is because you have to realize that we needed to give them the flexibility and the operating structure to be able to be competitive with other technology and mobility services companies that move really fast. We didn’t want to overlay them with the Ford bureaucracy.”
Ford Smart Mobility was formed in 2016 with an aim of pursuing the growing possibilities for an auto and mobility company. Jim Hackett’s promotion indicates that Ford isn’t happy with the slow pace of transformation. Tesla has recently overtaken Ford and GM in terms of Market Capitalization while Ford’s sales of cars have seen a drop of 25 percent in this year. In spite of spending largely on the research for self-driving, Ford has been struggling to keep up with other giants like GM and Tesla.
Ford has promised to launch a fully autonomous vehicle on the road by the year 2021.
Mark fields was also at the forefront of building an assembly plant for small cars in Mexico, which would be built at a cost of $1.6 Billion. The project for the assembly plant was aborted earlier this year because sales were stalled. Apart from this, President Trump’s election had pressure on Ford to build more vehicles in the Unites States.