Auto News for May 22 – Big Changes @ Ford

 Ford is hoping the man who turned Steelcase into the Number One office furniture company can turn the same magic in the auto industry. Under pressure from some shareholders, the company this morning named Jim Hackett as president and CEO replacing Mark Fields “who is retiring.” Hackett has been serving as Ford’s executive chairman of Smart Mobility since March of 2016.

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

 Ford shares fell 37 percent during Field’s three years as chief executive. Some board members and shareholders were not happy with that turn of events, and also when Tesla moved ahead of Ford in market capitalization.

 In other changes this morning, European chief Jim Farley will also oversee operations in the Americas and Asian Pacific. Joe Hinrichs, who was the America’s boss, was named president of global operations. Ford Smart Mobility will be turned over to Marcy Klevorn who was chief information officer.

 With the official confirmation, Ford shares rose 15 cents or 1.4 percent in early Wall Street trading. Hackett is pictured.

 Tom Brady, we will assume you know who he is, has entered into a “long term partnership” to promote Aston Martin’s. He will appear in a series of ads later this year called “Category of One.”

 “As a long-time fan and driver I am honored to join the Aston Martin team at this special moment in the company’s history,” Brady said. He drives a 2017 Aston Martin DB11 by the way.

 Demand is strong for the few VW diesels that have been modified to meet emissions requirements, the Detroit Free Press reported. The modifications will reduce fuel economy, but added incentives have phones ringing off the hook at some dealers. VW has announced it will not sell any more diesels in this country once this supply has been exhausted.

 

 

 

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