Ford CEO Mark Fields Fired, Report Says

James Farley, the head of Ford's European, Middle Eastern, and African operation, and Ford North America chief, Joseph Hinrichs, will be moved to larger positions, Forbes reports. 

According to the report, the personnel change will be officially announced later Monday morning. 

Fields became CEO of Ford in July 2014 after 25 years with the company. During that time period, he served as CEO of Mazda, executive vice president of Ford Europe, executive vice president of Ford global chief operating officer of Ford global, and as a member of Ford's board of directors, among other roles. 

According to the New York Times, during the time that Fields acted as CEO, the now-former chief took heat from shareholders and the automaker's board after they watched shares fall 40 percent. 

Fields's successor, Hackett, previously served as the head of Steelcase, a massive furniture company. Hackett came to Ford in 2016. 

UPDATE (May 2, 9:3 a.m. EST): Ford has confirmed the new corporate structuring in a press release. 

Ford claimed in the press release that Fields retired, which contradicts the report from Forbes that said he was forced out. 

“We’re moving from a position of strength to transform Ford for the future,” said Ford Executive Chairman Bill Ford in the press release. “Jim Hackett is the right CEO to lead Ford during this transformative period for the auto industry and the broader mobility space. He’s a true visionary who brings a unique, human-centered leadership approach to our culture, products and services that will unlock the potential of our people and our business.”