In a Move to Build Self Driving Cars, Ford Changes CEO
In a sudden change that has surprised people, Ford has replaced its chief executive. The Detroit-based automaker that was the first company to pioneer assembly lines hopes to step in a new stage and move ahead with further evolutions. For this, current CEO Mark Fields has been retired and will be replaced by Jim Hackett.
This change is being seen as a means to increase the focus on Ford’s self-driving vehicle tech since autonomous vehicles are touted as the way forward.
According to Ford Jr, the great-grandson of the Henry Ford, Hackett’s appointment was based out of his business practices in the areas of artificial intelligence, 3D printing and robotics.
Although, under Fields, Ford was running in profit; with it posting a pre-tax profit of $10.4bn in 2016, the company’s stock had faced a decline of 37 percent in the tenure of Fields. This lead to the iconic car company being overshadowed in the stock market value by Tesla of billionaire Elon Musk. Tesla has been exclusively focusing on building electric cars that have a high degree of autonomy. And now, Ford is moving in the same direction to make sure it isn’t outpaced in the time to come.