Monday, 22 May 2017

Ford to replace chief executive Mark Fields, reports say

Ford chief executive Mark Fields is set to depart following a major reshuffle at the car maker, according to reports.

His expected departure, first reported by the New York Times, comes as Ford faces weak sales, falling profits and a near-40% decline in its share price since Mr Fields took up his role in 2014.

He may be replaced by James Hackett of Ford's autonomous driving unit.

A Ford spokeswoman declined to comment on the reports.

Last week, the carmaker said it planned to cut around 10% of its global workforce.

Ford employs more than 200,000 people globally at the end of 2016, including about 101,000 in North America and 23,000 in Asia.

Sales in April were down 7% in the US and 11% lower in Europe compared with the same month last year. The firm has also been hit by costs related to safety recalls.

BBC        News.