A major restructuring is happening at the Ford Motor Company. In a report by Forbes, their source in the company said that CEO Mark Fields has been relieved of his duty. Also let go by the automaker is Ray Day, the group vice president for corporate communications.
The report stated that the main reason for Fields' dismissal is due to William Clay Ford Jr. and the rest of the board's lack of confidence in the CEO's way of management. Since Fields took over the Ford Motor Company, share prices of their stocks have tumbled down 40 percent. Fields assumed the role of CEO in 2014 after Alan Mulally announced his retirement from the automotive industry. On a side note, Forbes did not mention any reason for the dismissal of Day.
Forbes also mentioned the replacements for Fields and Day, along with other key personnel being moved up positions. Replacing Fields will be James P. Hackett, currently the head of Ford Smart Mobility LLC (Limited Liability Company). Hackett has been part of the Ford Motor Company board for the past three years before he was called on to lead the newly formed business unit. Meanwhile, the insider said that Day's successor will be Mark Truby. At the moment, Truby is the vice president of communications for Ford Asia-Pacific.
Two executives are also set to be promoted. They are James Farley, president of Ford of Europe, Middle East and Africa, and Joseph Hinrichs, the head of Ford's North American operations. As to what roles they will be taking, the insider has no information just yet.
According to Forbes, the announcement regarding the major restructuring will be made soon.