Ford announced the departure of Chief Executive Mark Fields in a broad management shake-up. Havovi Cooper reports
Ford firing CEO Mark Fields Monday-- amid growing investor dissatisfaction with the company's falling stock. Ford shares are down nearly 40 percent since Fields took over three years ago, at the peak of the U.S. auto industry's recovery and its profit margins are trailing those of larger rival GM. Just last week Ford announced it was cutting costs by slashing 1,400 salaried jobs in North America and Asia through voluntary buyouts--in a bid to offset declining U.S. sales. James Hackett --the former head of office-furniture maker Steelcase who joined Ford last year as the head of its driverless car unit --will be taking over. The shakeup comes as Ford is hoping its investments in self-driving cars, electric vehicles and ride services pays off in an evolving auto landscape… Rival Tesla-- an upstart--recently surpassed GM and Ford's valuation-- and is now worth $51 billion, The contrast a dramatic sign of how little confidence investors have that old-school automakers can transition and stay competitive in a tech-driven future.