James P. Hackett to take over CEO position of Ford Motor Co.

Ford Motor Co.’s (NYSE: F) Chief Executive Mark fields is leaving the company and will be replaced by James P. Hackett, current head of Ford Smart Mobility LLC, a subsidiary of the company.  Executives of the company will take on larger roles, such as Joseph Hinrichs, head of Ford North America and James Farley, president of Ford’s Europe. 

Ford’s group vice president of communications, Ray Day, will be leaving the company and replaced by current vice president of communications for Ford’s Asia-Pacific operations. 

These corporate positional changes are due to Executive Chairman Bill Ford as well as the rest of the board losing confidence in Field’s leadership over the company.  Field’s lacked the ability to rally employees around a common goal, to make critical decisions on the company’s strategy that his predecessor, Alan Mulally had.

“Without Alan, it’s back to the inmates running the asylum,” said one insider.

Company directors were disturbed by the deterioration in Ford’s business, despite strong profits from its F-series truck line.  A Ford spokesman had this to say, “We are staying focused on our plan for creating value and profitable growth.  We do not comment on speculation or rumors.”

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