— Amid job cuts and a stock price that's plunged nearly 40 percent since mid-2014, Ford announced today that CEO Mark Fields will retire. The Dearborn, Mich., automaker also announced that Jim Hackett, who led office-furniture maker Steelcase Inc. through a transformation, will take over Fields' post as chief executive.
Hackett, 62, has experience in a range of fields. Besides Steelcase, he served as interim athletic director at the University of Michigan, chaired Ford's Smart Mobility arm from early 2016 and sat on Ford's board of directors from 2013 to 2016.
Fields, 56, retires after 28 years at Ford, including just three at the CEO post — a position his predecessor, Alan Mulally, held for nearly eight years. Ford said Hackett will focus on three priorities: sharpening operations, modernizing the businesses and transforming Ford to meet future challenges. Elsewhere, nine-year Ford veteran Jim Farley — a former Toyota executive — will oversee the automaker's Lincoln luxury division and self-driving and electric vehicle initiatives, among other roles. Marcy Klevorn, a 34-year technology veteran at Ford, will run the automaker's mobility arm.