Ford Motor to replace CEO after dropping stock price

Ford Motor will replace CEO Mark Fields. Ford shares dropped 40 percent since Fields took over three years ago.

Mike Ingram, BGC market strategist, spoke about the thinking behind the replacement,

“No, I don’t think that it is a surprise that the road has finally ran out on Mark Fields. I mean during his three year tenure Ford shares are down something like 40 percent. I think that he’s a little bit late to the game in investing in new models, certainly in refreshing their truck and SUV line and also looking at autonomous vehicles. And it’s interesting to see that the man tipped to succeed him, Jim Hackett, is heading up the autonomous vehicles unit.”

Fields might not be the only one to go. Some who worked under Fields may also be replaced, as recent reports suggest.

Ford profits now trail main American competitor, GM.