Mark Fields is no longer the chief executive officer after Ford appoints new CEO Jim Hackett in extreme company reshuffling.
After being ousted as the auto maker’s CEO, Mark Fields must now give way to his successor Jim Hackett.
Until recent events, Hackett was in charge of Smart Mobility, Ford’s autonomous vehicle (AV) subsidiary.
Its self-driving unit focuses on harnessing technology to improve and influence transportation in personal mobility.
While the world veers towards accessing the digital space, Fields’ tenure as CEO stalled Ford’s growth. During his time as chief executive officer, the firm’s stock fell by 40%.
Consequently, investors and board members criticised Field for failing to push the firm’s technology aims in regards to AVs.
Ford appoints new CEO Jim Hackett to pilot driverless cars
Driverless cars have accelerated out of the realm of science fiction.
In fact, they are increasingly becoming a fundamental feature of the automotive industry. Corporate giants such as Tesla and Google are investing huge sums of money to be at the forefront of these disruptive vehicles.
Yet, car companies aren’t pursuing AVs for the mere sake of being technologically savvy.
Studies show more people, millennials in particular, are moving to suburban areas to escape expensive city life.
Slim job opportunities and low wages are propelling these populations to seek economic security further afield of bustling metropoles.
Thus, investors aim to revitalise services such as personal mobility to millennial buyers. Such a tactic comes from capitalising on this demographic’s increased expendable income from embracing suburbia.
Furthermore, millennials are famously adept in wielding tech in their day to day lives.
Therefore, the emerging driverless car market could prove to be a perfect match for members of this population.
Ford became an iconic car brand due to the very that it was innovative.
Its founder Henry Ford revolutionised the process of manufacturing by implementing the production line. By doing so, he secured himself as an entrepreneurial legend.
As such, pundits now look to Hackett to improve Ford’s market cap, and maintain the company’s influential presence in the automotive world.
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