James Hackett to take charge as Ford's new CEO

Ford shares fell 37 per cent during Fields's tenure, dropping the company's market capitalisation

Ford Motor is replacing embattled Chief Executive Officer (CEO) Mark Fields with Jim Hackett (pictured), a turnaround specialist who has been leading the automaker’s moves into self-driving cars and ride sharing.

Fields, 56, is retiring and Hackett will move up from his position as head of Ford’s Smart Mobility unit, according to a statement. Hackett, 62, revived office-furniture maker Steelcase as CEO from 1994 to 2014.

“This is a time of unprecedented change,” Executive Chairman Bill Ford said during a press conference on Monday. “A time of great change requires a transformational leader, and thankfully we have that in Jim.”

Fields came under