Posts Tagged ‘ford shake-up’

Management Shake-Up Continues at Ford

Four top execs “retire;” Lincoln chief Galhotra gets big promotion.

by on Oct.24, 2017

CEO Jim Hackett continues reshaping Ford's management team in his own image.

Ford’s new CEO Jim Hackett isn’t wasting time putting his personal stamp on the company.

Four top executives, including 37-year veteran Stephen Odell and former Wall Street investment banker John Casesa, are “retiring,” Ford announced. It’s the second major shake-up since Hackett was named CEO, replacing the ousted Mark Fields back in May. Tuesday’s personnel changes, announced two days before Ford reveals its third-quarter earnings, did bring some winners to the fore, including Kumar Galhotra, the president of the Lincoln brand now becomes Ford’s chief marketing officer.

Breaking News!

“The changes we are announcing today will further align resources and improve efficiencies throughout our global markets and operations,” said Hackett, a one-time CEO of furniture maker Steelcase, who was named CEO after Fields lost favor with investors, the Ford board and chairman and family heir Bill Ford.

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Fields Tried to Fire Hinrichs Before He Was Booted From Ford

Infighting marked final days for CEO, says report.

by on Jun.01, 2017

Ford President of the Americas Joe Hinrichs.

In a final bid to satisfy Ford shareholders – and Chairman Bill Ford – CEO Mark Fields tried to shift blame for the company’s weakening performance stock price to his top lieutenant, according to a new report. But the effort to fire Ford’s President of the Americas Joe Hinrichs was blocked and Fields himself was given his walking papers on May 19th.

In turn, the popular Hinrichs wound up with a significant promotion as part of the shake-up that saw Fields replaced by former Steelcase chief executive Jim Hackett, notes a report in Automotive News. The 50-year-old Hinrichs will now serve in the newly created post of president of global operations.

The Inside Story!

Last month’s shake-up at Ford came as the automaker scrambled to address declining U.S. sales and market share, a 38% plunge in first-quarter earnings, and a stock price that had dipped 40% since Fields was named CEO in July 2014. It hit a new 52-week low around the time Fields agreed to officially “retire” under pressure from the Ford board of directors and Bill Ford himself.

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Ford Continues Management Shake-Up

New CEO names his own top team.

by on May.25, 2017

Raj Nair will shift from running product development to serve as head of Ford's North American operations.

Just days after Ford Motor Co. announced a new chief executive officer, incoming CEO Jim Hackett has revealed a sweeping realignment of his top management team, shuffling over a dozen senior executives into new position, ousting others, and even rehiring one Ford veteran who had quit to take a job heading Uber’s autonomous vehicles program.

Separately, Ford said that Hackett, the former head of furniture maker Steelcase, is now eligible for at least $13.4 million in compensation this year. That includes $1.8 million in salary, $7 million in stock-based compensation and various bonuses.

We Track the Changes!

“The leadership changes we are announcing today across our global business are important as we foster even greater teamwork, accountability and nimble decision-making,” the 62-year-old Hackett said in a statement released Thursday.

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