Key events under former Ford CEO Mark Fields

Ford Motor Company has named Jim Hackett as its Chief Executive Officer, effective immediately.

It also named three new executive vice presidents to oversee global markets, global operations and mobility as part of the shakeup.

The new CEO, Jim Hackett, previously led Ford Smart Mobility, a subsidiary that had been focused on mobile connectivity and autonomous vehicles.

Hackett is the former CEO of office furniture company Steelcase. He later became the interim athletic director for the University of MI from October, 2014 to March, 2016, before being made Ford’s Executive Chairman of Smart Mobility.

Fields, 56, has worked for Ford for almost 28 years.

And he talked about the company’s investments in self-driving cars, a new office in Silicon Valley, and transforming Ford into a “mobility” company that was thinking about a world where people might not own cars outright. Ford views Hackett as a “transformational business leader” as it seeks to boost profit amid investor pressure.

Ford reportedly said it doesn’t comment on speculation or rumors, but it “will host a news conference at 9:45 a.m. EDT today at Ford World Headquarters”.

Hackett added that he is looking forward to “working together with everyone tied to Ford during this transformative period”. As the head of Ford Smart Mobility, he was tasked with helping Ford meet new mobility needs of the future, such as traffic congestion and technology, changing how people get around.

Fields also had trouble articulating the company’s vision of the future.

Traditional auto companies have seen their share prices lag in recent years because investors believe the boom cycle – driven by historically low interest rates that bolstered auto sales – may be exhausted and that fast-changing technology presents an uncertain future. That type of move, normally reserved for distressed business units and economic downturns, came amid a relative boom time for the industry.

On one hand, tech companies can’t compete with legacy automakers when it comes to the hard task of manufacturing vehicles and meeting the strict standards set by regulators.

The annual meeting must have been made even more painful for Fields, with chairman Bill Ford having to read out shareholders’ questions, including one which said the crashing share price indicated a “lack of confidence” in the car-maker’s direction – and therefore Fields’ leadership. Farley has served as Executive Vice President and President, Ford of Europe, Middle East, and Africa since January 2015.

Ford has churned out strong profits on his watch, reporting a record $10.4 billion in pretax earnings in 2016.

Possible longer-term replacements include Joe Hinrichs, 50, president of the Americas for Ford.

And finally, Marcy Klevorn, 57, was appointed Executive Vice President and President, Mobility.

You might have chose to give up on Ford already, however, I appreciated that – but then, you might be in the right place if you are looking for a solid yield play in another sector. Truby succeeds Ray Day, who plans to retire from the company next year and will provide consulting services until then.