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| The car company's share price has fallen almost 40% in the three years Mark Fields has been in charge. |
Ford is replacing its chief executive Mark Fields as part of a wider shake-up at the top of the US car maker.
Mr Fields, 56, is retiring after 28 years at the
company following growing investor unease about its share price
performance and prospects.
Ford confirmed earlier reports that he was to be replaced by Jim Hackett, 62, currently head of the Ford unit developing self-driving cars.
The company's share price has fallen almost 40% in the three years Mr Fields has been in charge - and overtaken, in terms of market value, by electric vehicle specialist Tesla.
Shares turned opened about 2% higher on Wall Street in the wake of the announcement that he was to be replaced.
Mr Fields began the task of Ford's transition from a traditional automaker to a "mobility" company, laying out plans to build autonomous vehicles and explore new services such as ride-hailing and car-sharing.
But there were rumblings of frustration over the pace of change as Ford lagged behind rivals in bringing long-range electric cars to market.
A record pre-tax profit for Ford, achieved under Mr Fields in 2015, was largely down to strong sales of its new aluminium-sided F-150 pickup truck.
Executive chairman Bill Ford insisted that Mr Fields, who he described as an "outstanding leader", was not fired.
"He and I sat down Friday and really decided this was the right time for him to go and us to have new leadership," Mr Ford said.
He said Mr Hackett, who previously ran office furniture giant Steelcase Inc, was a "visionary" and the right man to lead Ford as it expands into new areas.
Car companies are increasingly facing competition from the likes of Google and Uber in the shift towards new technology.
Mr Ford said: "These are really unparalleled times, and it really requires transformational leadership during these times."
Jack Nerad, the editorial director for the car shopping site Kelley Blue Book, told the AFP news agency: "Mark Fields was given the nearly impossible task of making the utterly conventional auto manufacturer, Ford Motor Company, into a high-tech information-style company with share values to match.
"Despite turning in credible profits, Fields was unable to turn Ford into a stock market darling, and that may well prove elusive going forward."
The appointment of Mr Hackett signals an even greater emphasis on greener transport ahead.
Fierce US rival General Motors' Chevrolet Bolt electric car, with 238 miles of range, went on sale last year.
Ford is working on an electric sports utility vehicle with 300 miles of range, but it is not due out until 2020.
Ford confirmed earlier reports that he was to be replaced by Jim Hackett, 62, currently head of the Ford unit developing self-driving cars.
The company's share price has fallen almost 40% in the three years Mr Fields has been in charge - and overtaken, in terms of market value, by electric vehicle specialist Tesla.
Shares turned opened about 2% higher on Wall Street in the wake of the announcement that he was to be replaced.
Mr Fields began the task of Ford's transition from a traditional automaker to a "mobility" company, laying out plans to build autonomous vehicles and explore new services such as ride-hailing and car-sharing.
But there were rumblings of frustration over the pace of change as Ford lagged behind rivals in bringing long-range electric cars to market.
A record pre-tax profit for Ford, achieved under Mr Fields in 2015, was largely down to strong sales of its new aluminium-sided F-150 pickup truck.
Executive chairman Bill Ford insisted that Mr Fields, who he described as an "outstanding leader", was not fired.
"He and I sat down Friday and really decided this was the right time for him to go and us to have new leadership," Mr Ford said.
He said Mr Hackett, who previously ran office furniture giant Steelcase Inc, was a "visionary" and the right man to lead Ford as it expands into new areas.
Car companies are increasingly facing competition from the likes of Google and Uber in the shift towards new technology.
Mr Ford said: "These are really unparalleled times, and it really requires transformational leadership during these times."
Jack Nerad, the editorial director for the car shopping site Kelley Blue Book, told the AFP news agency: "Mark Fields was given the nearly impossible task of making the utterly conventional auto manufacturer, Ford Motor Company, into a high-tech information-style company with share values to match.
"Despite turning in credible profits, Fields was unable to turn Ford into a stock market darling, and that may well prove elusive going forward."
The appointment of Mr Hackett signals an even greater emphasis on greener transport ahead.
Fierce US rival General Motors' Chevrolet Bolt electric car, with 238 miles of range, went on sale last year.
Ford is working on an electric sports utility vehicle with 300 miles of range, but it is not due out until 2020.
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