5 ms·

Ford Motor Is Replacing Mark Fields as C.E.O

93 points by moritzplassnig 9y ago

iagooar 9y ago
First I read the title as "Ford is replacing CEO with self-driving car" Too bad this isn't true ;)
- deleted 9y ago
  [deleted]
- goldbeck 9y ago
  (^∀^) I came here to post the same thing!
- zachrose 9y ago
  I read it as "self-driving executive," which should be most car company CEOs.
rock57 9y ago
"Ford is replacing CEO with self-driving car..." IMHO would be a perfect April 1st headline))
twblalock 9y ago
To some extent, the outgoing CEO is taking the fall for a nationwide slump in auto sales, which affects all auto companies. I think this change is mainly window dressing: the outgoing CEO was committed to self-driving car research, as is the new guy. The fundamentals of the company are unlikely to change. I suspect that the stock would go up in the short term if Ford started putting more money into SUVs and crossovers, at the expense of the company's long-term success. If Ford's investors believe that self-driving cars (or at least, semi-autonomous cars) are the future, they should be willing to put up with a low stock price over the next few years.
- sixQuarks 9y ago
  why does everyone keep saying car sales are in a "slump". Sales are off only about 5% compared to last year, which was the highest annual sales in history. This year's new car sales are still incredibly high compared to the average yearly sales from the last 10 years. Overall car sales have hit a plateau, you can't expect it to keep breaking records year after year, which it has done since 2009. SUVs and trucks are still in high demand, it's sedans that have taken the biggest hit.
- fensterblick 9y ago
  The Ford family controls the stock with its supervoting shares. Their opinions are what matter. Otherwise, I agree with your comment.
- Fricken 9y ago
  GM's sales have gone up over the past few years, their share price has been pretty steady, and they're long term strategy for electric, shared, and autonomous is looking gangbusters. Ford not so much.
  - twblalock 9y ago
    GM's sales are down this year, as are Ford's. The GM share price is not steady either -- it has dropped nearly 15% from its value in March, and about 6% from it's value on January 1st.
- icantdrive55 9y ago
  We just want a vechicle that lasts. Why don't American vechicle manufacturers get it? Toyota figured it out years ago, but now have their own set of problems--price. I'm looking for a new vechicle for my mom. I go to the Dens of Delusions, and literally feel sick. Just puffy vechicles with way too much stuff that will eventually go dead. I don't want all the tech. I just want a vechicle that will take her 200,000 to 300,000k, without the trans blowing up at 150k. Hell-- I have a Toyota from the 1980's that has 250k. The engineers did a great job on the engines. It's that overly complicated six speed trans, with the overdrive that's the Achilles on pretty much every new vechicle. And those warranties, "Seven year 100k on the Powertrain". Yes--99.9 will last 100k. They should last 200k at this point in history? I can rebuild a Ford AOD, AOED, 4R70w with a few specialized tools (basic machinist tools, like a calipers, micrometers, and a few home made tools), in a hot garage in Missouri. Yes--I needed to take my time, but a doable job. These new transmissions are just too complicated, and require too many specialized tools. I so waiting for a reasonably priced electric.
edshiro 9y ago
Anyone knows much about the new CEO, Jim Hackett? It seems like window dressing to me as I don't see Ford suddenly becoming like Tesla anytime soon, or ever. Also looks like the outgoing CEO was the fall guy for the company's mediocre sales. Replacing him with a guy who oversees self-driving cars is not going to magically change the trend.
- hkmurakami 9y ago
  >Mr. Hackett, 62, a longtime chief of the office furniture giant Steelcase and a former Ford director, joined the company’s operational ranks last year as head of its “smart mobility” operation, which includes driverless technology. "oversees but does not have any technical expertise in" self driving cars. Just a standard case of a senior executive taking over for a CEW who underperformed earnings expectations.
- dkrich 9y ago
  Window dressing is exactly what they want. We live in a climate where share price is based purely on branding and not on fundamentals. Elon Musk has convinced the market that he's the second coming of Steve Jobs and the market is buying into it hook line and sinker. As a shareholder I think the Ford family wants to create an image that will signal to the market Ford is very serious about autonomous and electric. I'd be very surprised not to see some very publicized development of a new line of cars in the next year or two.
- rmason 9y ago
  Jim Hackett is well known in Michigan sports. He's the one who was appointed interim athletic director despite lacking a sports background. He replaced another corporate CEO Dave Brandon (Dominos) who was fired. Hackett oversaw hiring the new AD and got good marks when he was there. http://www.mgoblue.com/genrel/jim_hackett_934376.html http://www.mgoblue.com/genrel/jim_hackett_934376.html This may have brought him to the attention of William Clay Ford who lives in Ann Arbor. He went to work for Ford shortly thereafter.
hkmurakami 9y ago
>Mr. Hackett, 62, a longtime chief of the office furniture giant Steelcase and a former Ford director, joined the company’s operational ranks last year as head of its “smart mobility” operation, which includes driverless technology. The self driving car aspect of his responsibilities seem pretty tangential to his professional skillset, and not a reason for his ascension to CEO. NYT probably has some data saying that any headline including "self dirivng car" gets more eyeballs.
- harryf 9y ago
  How about: "Ford hopes to push self-driving cars by replacing 56 year old CEO with 62 year old CEO with a background in office furniture" ?
  - sillysaurus3 9y ago
    Why is age even relevant? Ageism isn't a fun thing to look forward to. If I make it to 56 I hope it doesn't get branded onto my professional accomplishments.
    - harryf 9y ago
      Oh I hear you - I'm closer to 56 than I'd like to be (mid forties). The point is Ford apparently tries to send a signal to shareholders that they have a clue about being a real player in self driving cars and this message is odd - seems more about slowing the decline in _existing_ revenue than generating new. While there are 62 year olds who are quite comfortable with new technology and new ways of working, required to transform and innovate, you and I both know that _on average_ the older people get, the more they struggle with change and learning new things.
      - sillysaurus3 9y ago
        On average, it may be true to say that certain minority groups may be more violent or less intelligent. That doesn't mean it's ok to treat them as such. It may seem like a glib comparison, and I hope it's substantive enough that it doesn't start a flamewar. But if one person can come to see ageism as equally valid as racism, then they can teach others, who will teach others, and eventually it will no longer be a problem.
grandalf 9y ago
Warning: paywall
- vkat 9y ago
  nyt gives you get 10 articles for free per month, although I decided to pay $10 per month. Their quality of journalism is pretty good for what they charge.
  - grandalf 9y ago
    I typically use those up on clickbait articles that I don't decide to read after all, and then by the time one comes along that I would read I get the paywall. I'm disinclined to pay for the NYT because of its role in getting Trump elected. By refusing to subject HRC to appropriate scrutiny and by amplifying all of Trump's stunts and gaffes, the paper was useless as an authoritative voice during a very important time in history. If the quality were more consistent I'd happily use the google trick to get the articles for free, but much of the content is seemingly meant to generate clicks from issues that have already been covered extensively elsewhere.
    - thewhitetulip 9y ago
      I am sorry, what google trick?
      - grandalf 9y ago
        You can google the headline of a NYT article in an incognito window and when the article comes up in the search results you can read it without a paywall getting in the way.
Eerie 9y ago
Wait, is it self-driving car or self-driving executive?
- m-j-fox 9y ago
  I hope I'm not the only one who thought this was an Onion headline. Like if AI can run a Ford then AI can run Ford.
  - omarchowdhury 9y ago
    Executive function will be the last to be automated, when the machines see no need to take any more orders from us.
- wowtip 9y ago
  Interesting and slightly scary train of thought. When will AIs be able to form a strategy and think visionary enough to replace a CEO?
fensterblick 9y ago
I have been a Ford investor for several years. This is a big surprise for me. Ford has said they expect to have a fully autonomous vehicles by 2021 (link: https://corporate.ford.com/innovation/autonomous-2021.html https://corporate.ford.com/innovation/autonomous-2021.html). That always seemed too ambitious to me, but I welcome being proved wrong. I invested in Ford partly because I think, unlike GM, they recognize an existential threat to their business and are trying to take steps to avoid it. It has been a horrible investment for me this far.
- Judgmentality 9y ago
  > I invested in Ford partly because I think, unlike GM, they recognize an existential threat to their business and are trying to take steps to avoid it. Why do you think GM is unaware of the changing tides? They are currently selling the all-electric Bolt which is meant to compete directly with the upcoming Tesla Model 3. And they are investing however many billions of dollars into self-driving technology with their acquisition and support of Cruise Automation.
  - fensterblick 9y ago
    I have much disdain for GM's corporate culture. It is a company culture that knowingly allowed dangerous vehicles be sold for a decade until a Georgia litigator connected the dots (source: http://jalopnik.com/your-guide-to-the-problem-gm-didnt-fix-until-13-people-1532115319 http://jalopnik.com/your-guide-to-the-problem-gm-didnt-fix-u... ) As for Cruise Automation, I am not convinced they have accomplished anything groundbreaking relative to their competitors. I can't speak much about the Bolt. A quick Google search shows a Bloomberg story stating they will lose 8-9k per car sold. GM better hope it doesn't sell well, if that is the case! (link: https://www.bloomberg.com/news/articles/2016-11-30/gm-s-ready-to-lose-9-000-a-pop-and-chase-the-electric-car-boom https://www.bloomberg.com/news/articles/2016-11-30/gm-s-read...)
    - thanksgiving 9y ago
      I'm sorry for the cheap shot but the Ford pinto is a much bigger (if unfair to Ford - "A subsequent study concluded that the fire risks of the Ford Pinto were no greater than its contemporaries." https://en.m.wikipedia.org/wiki/Ford_Pinto https://en.m.wikipedia.org/wiki/Ford_Pinto ) black mark. I didn't even recall the GM incident without clicking the link even though it was so recent.
sjg007 9y ago
Apparently self driving cars are real.
LoSboccacc 9y ago
how's that gonna work, a larger desk with a reclining hydraulic car lift?
dkrich 9y ago
As a long time Ford shareholder, this article seems to be applying a cause and effect that is at best speculative. It's important not to confuse share price with company performance, because in the short term the two can have zero correlation. This move has to do with one thing and one thing only- share price. The Ford family isn't satisfied with the image Fields was giving the company to investors and wants to shake things up in the hopes of jump starting the demand for its stock. Despite the doom and gloom image portrayed in the article, Ford has actually been wildly profitable for years and is far from struggling. In fact they are coming off a series of the most profitable quarters in company history. This move has little to nothing to do with autonomous car development or electric for that matter, both of which Ford is already investing in heavily.

iagooar 9y ago

First I read the title as "Ford is replacing CEO with self-driving car" Too bad this isn't true ;)

deleted 9y ago
[deleted]
goldbeck 9y ago
(^∀^) I came here to post the same thing!
zachrose 9y ago
I read it as "self-driving executive," which should be most car company CEOs.

rock57 9y ago

"Ford is replacing CEO with self-driving car..." IMHO would be a perfect April 1st headline))

twblalock 9y ago

To some extent, the outgoing CEO is taking the fall for a nationwide slump in auto sales, which affects all auto companies. I think this change is mainly window dressing: the outgoing CEO was committed to self-driving car research, as is the new guy. The fundamentals of the company are unlikely to change. I suspect that the stock would go up in the short term if Ford started putting more money into SUVs and crossovers, at the expense of the company's long-term success. If Ford's investors believe that self-driving cars (or at least, semi-autonomous cars) are the future, they should be willing to put up with a low stock price over the next few years.

sixQuarks 9y ago
why does everyone keep saying car sales are in a "slump". Sales are off only about 5% compared to last year, which was the highest annual sales in history. This year's new car sales are still incredibly high compared to the average yearly sales from the last 10 years. Overall car sales have hit a plateau, you can't expect it to keep breaking records year after year, which it has done since 2009. SUVs and trucks are still in high demand, it's sedans that have taken the biggest hit.
fensterblick 9y ago
The Ford family controls the stock with its supervoting shares. Their opinions are what matter. Otherwise, I agree with your comment.
Fricken 9y ago
GM's sales have gone up over the past few years, their share price has been pretty steady, and they're long term strategy for electric, shared, and autonomous is looking gangbusters. Ford not so much.
- twblalock 9y ago
  GM's sales are down this year, as are Ford's. The GM share price is not steady either -- it has dropped nearly 15% from its value in March, and about 6% from it's value on January 1st.
icantdrive55 9y ago
We just want a vechicle that lasts. Why don't American vechicle manufacturers get it? Toyota figured it out years ago, but now have their own set of problems--price. I'm looking for a new vechicle for my mom. I go to the Dens of Delusions, and literally feel sick. Just puffy vechicles with way too much stuff that will eventually go dead. I don't want all the tech. I just want a vechicle that will take her 200,000 to 300,000k, without the trans blowing up at 150k. Hell-- I have a Toyota from the 1980's that has 250k. The engineers did a great job on the engines. It's that overly complicated six speed trans, with the overdrive that's the Achilles on pretty much every new vechicle. And those warranties, "Seven year 100k on the Powertrain". Yes--99.9 will last 100k. They should last 200k at this point in history? I can rebuild a Ford AOD, AOED, 4R70w with a few specialized tools (basic machinist tools, like a calipers, micrometers, and a few home made tools), in a hot garage in Missouri. Yes--I needed to take my time, but a doable job. These new transmissions are just too complicated, and require too many specialized tools. I so waiting for a reasonably priced electric.

edshiro 9y ago

Anyone knows much about the new CEO, Jim Hackett? It seems like window dressing to me as I don't see Ford suddenly becoming like Tesla anytime soon, or ever. Also looks like the outgoing CEO was the fall guy for the company's mediocre sales. Replacing him with a guy who oversees self-driving cars is not going to magically change the trend.

hkmurakami 9y ago
>Mr. Hackett, 62, a longtime chief of the office furniture giant Steelcase and a former Ford director, joined the company’s operational ranks last year as head of its “smart mobility” operation, which includes driverless technology. "oversees but does not have any technical expertise in" self driving cars. Just a standard case of a senior executive taking over for a CEW who underperformed earnings expectations.
dkrich 9y ago
Window dressing is exactly what they want. We live in a climate where share price is based purely on branding and not on fundamentals. Elon Musk has convinced the market that he's the second coming of Steve Jobs and the market is buying into it hook line and sinker. As a shareholder I think the Ford family wants to create an image that will signal to the market Ford is very serious about autonomous and electric. I'd be very surprised not to see some very publicized development of a new line of cars in the next year or two.
rmason 9y ago
Jim Hackett is well known in Michigan sports. He's the one who was appointed interim athletic director despite lacking a sports background. He replaced another corporate CEO Dave Brandon (Dominos) who was fired. Hackett oversaw hiring the new AD and got good marks when he was there. http://www.mgoblue.com/genrel/jim_hackett_934376.html http://www.mgoblue.com/genrel/jim_hackett_934376.html This may have brought him to the attention of William Clay Ford who lives in Ann Arbor. He went to work for Ford shortly thereafter.

hkmurakami 9y ago

>Mr. Hackett, 62, a longtime chief of the office furniture giant Steelcase and a former Ford director, joined the company’s operational ranks last year as head of its “smart mobility” operation, which includes driverless technology. The self driving car aspect of his responsibilities seem pretty tangential to his professional skillset, and not a reason for his ascension to CEO. NYT probably has some data saying that any headline including "self dirivng car" gets more eyeballs.

harryf 9y ago
How about: "Ford hopes to push self-driving cars by replacing 56 year old CEO with 62 year old CEO with a background in office furniture" ?
- sillysaurus3 9y ago
  Why is age even relevant? Ageism isn't a fun thing to look forward to. If I make it to 56 I hope it doesn't get branded onto my professional accomplishments.
  - harryf 9y ago
    Oh I hear you - I'm closer to 56 than I'd like to be (mid forties). The point is Ford apparently tries to send a signal to shareholders that they have a clue about being a real player in self driving cars and this message is odd - seems more about slowing the decline in _existing_ revenue than generating new. While there are 62 year olds who are quite comfortable with new technology and new ways of working, required to transform and innovate, you and I both know that _on average_ the older people get, the more they struggle with change and learning new things.
    - sillysaurus3 9y ago
      On average, it may be true to say that certain minority groups may be more violent or less intelligent. That doesn't mean it's ok to treat them as such. It may seem like a glib comparison, and I hope it's substantive enough that it doesn't start a flamewar. But if one person can come to see ageism as equally valid as racism, then they can teach others, who will teach others, and eventually it will no longer be a problem.

grandalf 9y ago

Warning: paywall

vkat 9y ago
nyt gives you get 10 articles for free per month, although I decided to pay $10 per month. Their quality of journalism is pretty good for what they charge.
- grandalf 9y ago
  I typically use those up on clickbait articles that I don't decide to read after all, and then by the time one comes along that I would read I get the paywall. I'm disinclined to pay for the NYT because of its role in getting Trump elected. By refusing to subject HRC to appropriate scrutiny and by amplifying all of Trump's stunts and gaffes, the paper was useless as an authoritative voice during a very important time in history. If the quality were more consistent I'd happily use the google trick to get the articles for free, but much of the content is seemingly meant to generate clicks from issues that have already been covered extensively elsewhere.
  - thewhitetulip 9y ago
    I am sorry, what google trick?
    - grandalf 9y ago
      You can google the headline of a NYT article in an incognito window and when the article comes up in the search results you can read it without a paywall getting in the way.

Eerie 9y ago

Wait, is it self-driving car or self-driving executive?

m-j-fox 9y ago
I hope I'm not the only one who thought this was an Onion headline. Like if AI can run a Ford then AI can run Ford.
- omarchowdhury 9y ago
  Executive function will be the last to be automated, when the machines see no need to take any more orders from us.
wowtip 9y ago
Interesting and slightly scary train of thought. When will AIs be able to form a strategy and think visionary enough to replace a CEO?

fensterblick 9y ago

I have been a Ford investor for several years. This is a big surprise for me. Ford has said they expect to have a fully autonomous vehicles by 2021 (link: https://corporate.ford.com/innovation/autonomous-2021.html https://corporate.ford.com/innovation/autonomous-2021.html). That always seemed too ambitious to me, but I welcome being proved wrong. I invested in Ford partly because I think, unlike GM, they recognize an existential threat to their business and are trying to take steps to avoid it. It has been a horrible investment for me this far.

Judgmentality 9y ago
> I invested in Ford partly because I think, unlike GM, they recognize an existential threat to their business and are trying to take steps to avoid it. Why do you think GM is unaware of the changing tides? They are currently selling the all-electric Bolt which is meant to compete directly with the upcoming Tesla Model 3. And they are investing however many billions of dollars into self-driving technology with their acquisition and support of Cruise Automation.
- fensterblick 9y ago
  I have much disdain for GM's corporate culture. It is a company culture that knowingly allowed dangerous vehicles be sold for a decade until a Georgia litigator connected the dots (source: http://jalopnik.com/your-guide-to-the-problem-gm-didnt-fix-until-13-people-1532115319 http://jalopnik.com/your-guide-to-the-problem-gm-didnt-fix-u... ) As for Cruise Automation, I am not convinced they have accomplished anything groundbreaking relative to their competitors. I can't speak much about the Bolt. A quick Google search shows a Bloomberg story stating they will lose 8-9k per car sold. GM better hope it doesn't sell well, if that is the case! (link: https://www.bloomberg.com/news/articles/2016-11-30/gm-s-ready-to-lose-9-000-a-pop-and-chase-the-electric-car-boom https://www.bloomberg.com/news/articles/2016-11-30/gm-s-read...)
  - thanksgiving 9y ago
    I'm sorry for the cheap shot but the Ford pinto is a much bigger (if unfair to Ford - "A subsequent study concluded that the fire risks of the Ford Pinto were no greater than its contemporaries." https://en.m.wikipedia.org/wiki/Ford_Pinto https://en.m.wikipedia.org/wiki/Ford_Pinto ) black mark. I didn't even recall the GM incident without clicking the link even though it was so recent.

sjg007 9y ago

Apparently self driving cars are real.

LoSboccacc 9y ago

how's that gonna work, a larger desk with a reclining hydraulic car lift?

dkrich 9y ago

As a long time Ford shareholder, this article seems to be applying a cause and effect that is at best speculative. It's important not to confuse share price with company performance, because in the short term the two can have zero correlation. This move has to do with one thing and one thing only- share price. The Ford family isn't satisfied with the image Fields was giving the company to investors and wants to shake things up in the hopes of jump starting the demand for its stock. Despite the doom and gloom image portrayed in the article, Ford has actually been wildly profitable for years and is far from struggling. In fact they are coming off a series of the most profitable quarters in company history. This move has little to nothing to do with autonomous car development or electric for that matter, both of which Ford is already investing in heavily.