Ford replaces CEO Fields

Ford Motor has announced the replacement of Mark Fields as CEO of the company, with some sources reporting he has been fired.

The position is to be filled by Jim Hackett, head of Ford Smart Mobility LLC, Ford’s autonomous driving and ride-sharing unit.

Fields took over the role of CEO from Alan Mulally in July 2014 and since then the company has seen its share price drop by nearly 40%.

Forbes reports that the shakeup is a result of executive chairman Bill Ford and the rest of the board losing confidence in Fields’ leadership.

Ford has also announced that it is ousting Ray Day as vice president of communications, replacing him with Mark Truby, vice president of communications, Asia-Pacific.