Ford names Jim Hackett as CEO, replacing Mark Fields

Ford Motor Company today named Jim Hackett as president and CEO, replacing Mark Fields, as the company faces declining sales in the US and Chinese markets.

The management shakeup included naming three new executive vice presidents to oversee global markets, global operation and mobility.

Hackett, 62, "has a long track record of innovation and business success," Ford said in a press release. Ford has scheduled a press conference for 9:45 AM at its Dearborn, Michigan headquarters.