Published: Fri, May 26, 2017
Finance | By Kristine Clayton

Jim Hackett named as new Ford CEO

Jim Hackett named as new Ford CEO

James Hackett, named CEO on Monday, has said he wants to streamline Ford's hierarchy and speed up decision-making, as the No. 2 US automaker faces threats from Silicon Valley's self-driving technology and resurgent rival General Motors Co (GM.N) in its traditional markets. Hackett will earn a $1.8 million annual salary, up from $716,000 at. He is also eligible for an annual bonus, pro-rated from January to August, and will retain the equity awards granted under this year's long-term incentive plan. Outgoing CEO Mark Fields had 18 direct reports; Hackett has eight. Ovenden previously served as president and CEO, Ford Sollers, where he led the transformation of Ford's operations in Russian Federation for the past two years. At Monday's press conference, Executive Chairman Bill Ford said, "I'm very thankful to Mark and he had a really terrific career here, but this is a time of unprecedented change".

Earlier this week, Jim Farley, who had been president of Europe, and Joe Hinrichs, who had been president of the Americas, gained new global roles, and Marcy Klevorn was named as executive vice president and president, Mobility, according to a previous report.

For Marakby, the offer to return to Ford might be a case of good timing. It has been rocked by a sexual discrimination scandal and, among other things, it is battling Google over claims that a top Uber executive stole autonomous vehicle secrets when he left the tech giant's own self-driving subsidiary Waymo.

As we reported earlier this week, it is still too early to say how the leadership changes will affect the company's plans when it comes to electric and autonomous vehicles, but it looks like they are emphasizing the new technologies. He has extensive background in electrification, having led the team to deliver a battery electric vehicle, plug-in hybrid vehicles, and hybrid electric vehicles. The Detroit carmaker has promised to bring a fully driverless vehicle to market by 2021. Schloss, 58, previously served as vice president and treasurer for Ford, and chief financial officer of Ford Smart Mobility LLC, a subsidiary formed to design, build, grow and invest in emerging mobility services. Fleet, 50, will lead all Ford's operations and partnerships in Asia Pacific, effective July 1.

Industry analysts have suggested that even more management changes will come at lower levels.

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