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It’s been reported for a while that Ford will be cutting down its workforce but few would assume that the company would be included in that.
An official statement form the company has confirmed that CEO Mark Fields has chosen to retire and the company is set to appoint James Hackett as the CEO. James Hackett is currently serving as the head of Ford’s Smart Mobility division which is responsible for company’s investments in new ventures.
This is clearly a difficult time for the company as its biggest investments in mobility services and electrification are yet to pay off as the innovations the company invested in are years away from becoming mainstream. As a result the company will need to find a balance between two needs.
In the recent years, sales figures for the company have gone down significantly. For instance, previously, the company shipped around 2 to 2.5 million vehicles but the figures have gone down below 2 million in recent years following recession. The company is expecting to recover from the situation and it will be worthwhile to see if the new appointment of James Hackett will make a significant difference.