Ford CEO Mark Fields 'Retires'

Hackett, 62, joined Ford a year ago as head of its Ford Smart Mobility LLC operation, which focuses on driverless vehicle technology.

The auto manufacturer is expected to announce on Monday that Fields will be replaced by Jim Hackett, who now oversees Ford's efforts on autonomous vehicles as chairman of Ford Smart Mobility LLC.

According to a report from Forbes, the change is because Executive Chairman Bill Ford, Jr. and the rest of the board have lost confidence in Fields' leadership capabilities.

Ford CEO Mark Fields has been forced out of the company as part of a significant management shakeup to improve the company's overall strategy according to a new report.

Mcelroy says mobility - a future with autonomous vehicles - is the future of transportation, and it's a frightening one for the traditional automobile industry.

Jim Hackett, tapped to change the culture at the nation's No. 2 automaker, brings a background in football and office furniture as the new CEO of Ford Motor Company (NYSE: F). Under his leadership, Ford achieved record profit levels in 2015 and 2016, while starting down a path of expanding its core business by adding mobility services.

Hackett also served as the interim athletic director at the University of MI from 2014 to 2016.

All three will take up their roles June 1, with their replacements set to be announced at a later date.

Ford Motor Company is set to replace boss Mark Fields amid investor unrest that the auto giant is falling behind its rivals.

"This is a time of unprecedented change", Bill Ford said.

Ford said Hackett will focus "on three priorities: Sharpening operational execution, modernizing Ford's present business and transforming the company to meet tomorrow's challenges".

First-quarter profits dropped and last week, Fields announced Ford was cutting 1,400 jobs in North America and Asia. In addition, Farley will oversee Lincoln Motor Company and global Marketing Sales & Service.

"We're moving from a position of strength to transform Ford for the future", he said. Citi also has questions about whether Ford will accelerate or change its approach to self-driving vehicle development.

Sales in April were down 7% in the U.S. and 11% lower in Europe compared with the same month past year. Day will retire. Additionally Paul Ballew, 52, was named vice president and chief data and analytics officer.

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