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Ford Is ‘Ready to Replace’ CEO Mark Fields, a Report Claims

An anonymously sourced report in the New York Times says that Ford Motor Company (F) is ready to replace Mark Fields, its CEO since the summer of 2014.

Citing officials with knowledge of the imminent move, the Times says that Fields will be replaced by Jim Hackett, who has been in charge of the automaker’s Smart Mobility venture since 2016.

The replacement comes after Ford shareholders slammed Fields’ performance during an online investor meeting earlier this month, according to the Times.

Ford’s share price has declined by 40% during his tenure, the Times reports. But Fields’ total pay in 2016 went up by 19% compared to 2015, while the company’s pretax profits and sales fell.

Hackett, a Ford board member since 2013, had been the CEO of office furniture maker Steelcase (SCS) before joining Ford full-time.

Ford has been hit with a litany of recalls this year, affecting a total of nearly 500,000 vehicles, after six separate recalls over door latch problems that involved almost 4 million cars.