Ford could replace chief executive officer Mark Fields, a report by the New York Times states. Ford’s global CEO, Fields was reportedly ousted following Ford’s poor global sales.
Since taking the job in 2014, sales dropped by seven percent in the US and 11 percent in Europe. This triggered a decrease in share prices by almost 40 percent in a little over two years.
The news, however, is unconfirmed by Ford, with a spokesman stating that the company “won’t comment on speculation” and that it is sticking to its “current plan”. Autocar UK’s sources predict that an announcement will be made when the New York Stock Exchange opens. Ford's autonomous vehicles division boss, James Hackett, is expected to take over.
Ford recently announced plans to reduce its workforce in Asia and North America by 10 percent. The company currently has 1,01,000 and 23,000 employees in each region, respectively. A source said that the cuts are part of a $3 billion (approximately ₹19,377 crore) cost-cutting initiative targeted at addressing profit and share price issues.