Ford (F) shares were indicated higher in premarket trading Monday after several media reports suggested under-fire CEO Mark Fields will leave the company as it seeks to put a multi-year period of poor financial performance and share price declines behind it.
The company is said to have chosen James Hackett, currently chairman of the group’s Smart Mobility business, as Fields’ replacement, according to the New York Times. Hackett’s role at Smart Mobility has seen him oversee the group’s effort to bring electric and autonomous vehicles to main street.
Ford shares traded up 2% to $11.10 apiece in premarket, but have fallen more than 10.4% since the start of the year.
Formerly a member of the Ford board, as well as an accomplished director elsewhere, Hackett faces the challenge of righting a capsized ship when he takes the helm of the group.
Reports of Fields’ ousting come just weeks after the Dearborn based company delivered a dire set of first-quarter results, which brought about…