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| Ford gears up for the future with new chief executive | Ford gears up for the future with new chief executive |
| (35 minutes later) | |
| Ford has replaced its chief executive, Mark Fields, following a major reshuffle at the US car giant. | |
| His departure comes as Ford faces weak sales, falling profits and a near-40% decline in its share price since Mr Fields took up his role in 2014. | His departure comes as Ford faces weak sales, falling profits and a near-40% decline in its share price since Mr Fields took up his role in 2014. |
| He is being replaced by Jim Hackett, 62, whom Ford described as a "transformational business leader". | He is being replaced by Jim Hackett, 62, whom Ford described as a "transformational business leader". |
| The former boss of office furniture firm Steelcase joined Ford last year to run its autonomous driving division. | The former boss of office furniture firm Steelcase joined Ford last year to run its autonomous driving division. |
| Executive chairman Bill Ford said Mr Hackett was a "true visionary" and the right person to lead the car maker. | Executive chairman Bill Ford said Mr Hackett was a "true visionary" and the right person to lead the car maker. |
| He will focus on modernising Ford and "transforming the company to meet tomorrow's challenges". | He will focus on modernising Ford and "transforming the company to meet tomorrow's challenges". |
| Shares in Ford rose 2% in pre-market trading in New York. | Shares in Ford rose 2% in pre-market trading in New York. |
| Last week, the carmaker said it planned to cut 10% of its salaried workforce in North America and Asia Pacific this year, on a voluntary basis. | |
| Ford employed more than 200,000 people globally at the end of 2016, including about 101,000 in North America and 23,000 in Asia. | Ford employed more than 200,000 people globally at the end of 2016, including about 101,000 in North America and 23,000 in Asia. |
| Sales in April were down 7% in the US and 11% lower in Europe compared with the same month last year. The firm has also been hit by costs related to safety recalls. | Sales in April were down 7% in the US and 11% lower in Europe compared with the same month last year. The firm has also been hit by costs related to safety recalls. |
| Analysis | Analysis |
| By Russell Hotten, business reporter | By Russell Hotten, business reporter |
| Mark Fields isn't just paying the price for a fall in Ford's US sales and a big slide in the share price over the past 12 months: he's a casualty of the company's failure to prepare for the future. | |
| Ford, which gave the world its first mass-market car, is witnessing the end of the internal combustion engine. Long-range electric and autonomous transport is tomorrow's technology, and the likes of General Motors, Toyota, and Volkswagen are ahead in the race to exploit it. | Ford, which gave the world its first mass-market car, is witnessing the end of the internal combustion engine. Long-range electric and autonomous transport is tomorrow's technology, and the likes of General Motors, Toyota, and Volkswagen are ahead in the race to exploit it. |
| Last month, Ford's stock market value fell behind Tesla, the electric car upstart that has never made a profit. It was a symbolic moment that underlines Ford's problems. | Last month, Ford's stock market value fell behind Tesla, the electric car upstart that has never made a profit. It was a symbolic moment that underlines Ford's problems. |
| It's not that Mr Fields has failed to pour billions of dollars into self-drive and ride-sharing experiments - it's that shareholders see little return in sight. | It's not that Mr Fields has failed to pour billions of dollars into self-drive and ride-sharing experiments - it's that shareholders see little return in sight. |
| Recent reports of tense boardroom meetings, compounded by a tetchy annual shareholders' meeting earlier this month, probably explain why Ford chairman Bill Ford Jr has acted now. | Recent reports of tense boardroom meetings, compounded by a tetchy annual shareholders' meeting earlier this month, probably explain why Ford chairman Bill Ford Jr has acted now. |
| Mr Fields' replacement, Jim Hackett, heads the division that was set up to accelerate Ford's foray into autonomous vehicles. Mr Hackett also has a reputation as a cost-cutter. Experience of both will be needed in the years ahead. | Mr Fields' replacement, Jim Hackett, heads the division that was set up to accelerate Ford's foray into autonomous vehicles. Mr Hackett also has a reputation as a cost-cutter. Experience of both will be needed in the years ahead. |
| Investment | Investment |
| Last year, Ford sold 6.65 million vehicles worldwide, while rival General Motors sold 9.97 million, according to Statista. | Last year, Ford sold 6.65 million vehicles worldwide, while rival General Motors sold 9.97 million, according to Statista. |
| GM reported a record performance in the first three months of 2017, with revenue 10.6% higher at $41.2bn, helped by strong sales of trucks and SUVs in the US. | GM reported a record performance in the first three months of 2017, with revenue 10.6% higher at $41.2bn, helped by strong sales of trucks and SUVs in the US. |
| Ford's revenue in the first three months of 2017 was $39.1bn, a rise of 4%. | Ford's revenue in the first three months of 2017 was $39.1bn, a rise of 4%. |
| At the time Mr Fields said the quarter was "an investment in Ford's future". The company launched new vehicles and he said it was "fortifying our core business, while also investing in emerging opportunities that will deliver profitable growth". | At the time Mr Fields said the quarter was "an investment in Ford's future". The company launched new vehicles and he said it was "fortifying our core business, while also investing in emerging opportunities that will deliver profitable growth". |
| In recent years, Ford has been investing heavily in self-driving technology and ride-sharing services. | In recent years, Ford has been investing heavily in self-driving technology and ride-sharing services. |