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Shares of Ford Motor Company (F - Free Report) opened more than 2% higher on Monday after the struggling legacy carmaker announced that Jim Hackett will be replacing Mark Fields as the company’s CEO. The announcement, which included several other key changes at the top of Ford’s corporate ladder, comes amid concerns about the company’s steadily declining share price.
“We’re moving from a position of strength to transform Ford for the future,” said Ford Executive Chairman Bill Ford. “Jim Hackett is the right CEO to lead Ford during this transformative period for the auto industry and the broader mobility space. He’s a true visionary who brings a unique, human-centered leadership approach to our culture, products and services that will unlock the potential of our people and our business.”
(New Ford CEO Jim Hackett)
Hackett, who has been hailed for his long tenure at the helm of Steelcase (SCS - Free Report) , previously served on Ford’s board of directors and as chairman of the company’s Smart Mobility unit. The new chief executive also briefly filled in as interim athletic director at the University of Michigan, and he is widely credited for helping to finalize the deal to hire Jim Harbaugh as the school’s head football coach.
In an official statement, Hackett said that his goal as Ford CEO is “to create an even more dynamic and vibrant Ford that improves people’s lives around the world, and creates value for all of our stakeholders.”
Hackett worked at Steelcase, the world’s largest office furniture manufacturer, for roughly 23 years. Originally joining the Grand Rapids, Michigan-based company in a sales and marketing position, Hackett worked his way up the company through a variety of management jobs; he would eventually take over as CEO in late 1994.
In what could prove to be useful experience for his new job, Hackett was applauded for saving Steelcase from the brink of financial disaster by significantly downsizing the company’s workforce. He faced harsh local criticism at the time, but Hackett took over after Steelcase reported a $70 million fiscal year loss; over the years, Hackett led the company through a reorganization that shed about half of its Grand Rapids area jobs.
And yet again, Hackett will be asked to help turn things around. His appointment ends the three-year tenure of Mark Fields, who has watched Ford’s stock price slip more than 40% since taking over as CEO. In Fields’ first quarter, Ford posted record profits, but sales have slowed down since then.
Legacy carmakers like Ford have faced increased competition from innovators like Tesla (TSLA - Free Report) , as well as ride-sharing giants like Uber that reduce the need for vehicle ownership. What’s more, investments in electric cars and self-driving technology have chipped away at profit margins.
Earlier this month, Ford announced that first-quarter sales were down nearly 6% from the year-ago period. And just last week, reports surfaced that Ford was preparing to slash about 10% of its global workforce in an effort to boost its struggling stock (also read: Here's Why Ford is Cutting 10% Of Its Global Workforce).
Today’s move also included several other new appointments in key executive positions. Notably, Ford has elevated Joe Hinrichs, the former president of the Americas division, to a broad global role focuses on product development, manufacturing, quality, and sustainability.
Jim Farley, president of Ford’s European unit, will become the executive vice president of global markets—a position that includes the oversight of the company’s regional divisions, as well as global marketing and Lincoln Motor Company.
Shares of Ford are down more than 11% year-to-date, and the stock remains a Zacks Rank #3 (Hold).
Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
Zacks' 2017 IPO Watch List
Before looking into the stocks mentioned above, you may want to get a head start on potential tech IPOs that are popping up on Zacks' radar. Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the current scoop on 5 that may go public at any time.
Image: Bigstock
Everything You Need to Know About Ford's New CEO
Shares of Ford Motor Company (F - Free Report) opened more than 2% higher on Monday after the struggling legacy carmaker announced that Jim Hackett will be replacing Mark Fields as the company’s CEO. The announcement, which included several other key changes at the top of Ford’s corporate ladder, comes amid concerns about the company’s steadily declining share price.
“We’re moving from a position of strength to transform Ford for the future,” said Ford Executive Chairman Bill Ford. “Jim Hackett is the right CEO to lead Ford during this transformative period for the auto industry and the broader mobility space. He’s a true visionary who brings a unique, human-centered leadership approach to our culture, products and services that will unlock the potential of our people and our business.”
(New Ford CEO Jim Hackett)
Hackett, who has been hailed for his long tenure at the helm of Steelcase (SCS - Free Report) , previously served on Ford’s board of directors and as chairman of the company’s Smart Mobility unit. The new chief executive also briefly filled in as interim athletic director at the University of Michigan, and he is widely credited for helping to finalize the deal to hire Jim Harbaugh as the school’s head football coach.
In an official statement, Hackett said that his goal as Ford CEO is “to create an even more dynamic and vibrant Ford that improves people’s lives around the world, and creates value for all of our stakeholders.”
Hackett worked at Steelcase, the world’s largest office furniture manufacturer, for roughly 23 years. Originally joining the Grand Rapids, Michigan-based company in a sales and marketing position, Hackett worked his way up the company through a variety of management jobs; he would eventually take over as CEO in late 1994.
In what could prove to be useful experience for his new job, Hackett was applauded for saving Steelcase from the brink of financial disaster by significantly downsizing the company’s workforce. He faced harsh local criticism at the time, but Hackett took over after Steelcase reported a $70 million fiscal year loss; over the years, Hackett led the company through a reorganization that shed about half of its Grand Rapids area jobs.
And yet again, Hackett will be asked to help turn things around. His appointment ends the three-year tenure of Mark Fields, who has watched Ford’s stock price slip more than 40% since taking over as CEO. In Fields’ first quarter, Ford posted record profits, but sales have slowed down since then.
Legacy carmakers like Ford have faced increased competition from innovators like Tesla (TSLA - Free Report) , as well as ride-sharing giants like Uber that reduce the need for vehicle ownership. What’s more, investments in electric cars and self-driving technology have chipped away at profit margins.
Earlier this month, Ford announced that first-quarter sales were down nearly 6% from the year-ago period. And just last week, reports surfaced that Ford was preparing to slash about 10% of its global workforce in an effort to boost its struggling stock (also read: Here's Why Ford is Cutting 10% Of Its Global Workforce).
Today’s move also included several other new appointments in key executive positions. Notably, Ford has elevated Joe Hinrichs, the former president of the Americas division, to a broad global role focuses on product development, manufacturing, quality, and sustainability.
Jim Farley, president of Ford’s European unit, will become the executive vice president of global markets—a position that includes the oversight of the company’s regional divisions, as well as global marketing and Lincoln Motor Company.
Shares of Ford are down more than 11% year-to-date, and the stock remains a Zacks Rank #3 (Hold).
Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
Zacks' 2017 IPO Watch List
Before looking into the stocks mentioned above, you may want to get a head start on potential tech IPOs that are popping up on Zacks' radar. Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the current scoop on 5 that may go public at any time.
One has driven from 0 to a $68 billion valuation in 8 years. Four others are a little less obvious but already show jaw-dropping growth. Download this IPO Watch List today for free >>