Former CEO Mark Fields was ousted from the helm due to poor sales since his appointment.

Former autonomous technology boss Jim Hackett has been confirmed as the new chief executive officer (CEO) of Ford. Hackett, 62, replaces former CEO Mark Fields following the company’s poor global sales since he first took over in 2014. Sales have dropped by 7 percent in the US and 11 percent in Europe.

The shrink in profits, as a result of poor sales, triggered a decrease of close to 40 percent in share prices in just over two years. Ford said Hackett is now charged with sharpening operational execution, modernising its business and "transforming the company to meet tomorrow’s challenges".

Ford executive chairman Bill Ford said: “We’re moving from a position of strength to transform Ford for the future. Hackett is the right CEO to lead Ford during this transformative period for the automotive industry and the broader mobility space. He’s a true visionary who brings a unique, human-centred leadership approach to our culture, products and services that will unlock the potential of our people and our business."

Hackett said: “I am so excited to work with Bill Ford and the entire team to create an even more dynamic and vibrant Ford that improves people’s lives around the world and creates value for all of our stakeholders. I have developed a deep appreciation for Ford’s people, values and heritage during the past four years as part of the company and look forward to working together with everyone tied to Ford during this transformative period."

The management changes come one week after Ford announced plans to reduce its Asia and North America workforces by 10 percent. It has 101,000 employees in North America and 23,000 in Asia.

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