Former chief executive, Mark Fields

Ford has replaced its chief executive, Mark Fields, following a major reshuffle at the US car giant.

His departure comes as Ford faces weak sales, falling profits and a near-40% decline in its share price since Mr Fields took up his role in 2014.

He is being replaced by Jim Hackett, 62, whom Ford described as a “transformational business leader”.

The former boss of office furniture firm Steelcase joined Ford last year to run its autonomous driving division.

Executive chairman Bill Ford said Mr Hackett was a “true visionary” and the right person to lead the car maker.

He will focus on modernising Ford and “transforming the company to meet tomorrow’s challenges”.

Shares in Ford rose 2% in pre-market trading in New York.

Last week, the carmaker said it planned to cut 10% of its salaried workforce in North America and Asia Pacific this year, on a voluntary basis.

Ford employed more than 200,000 people globally at the end of 2016, including about 101,000 in North America and 23,000 in Asia.

Sales in April were down 7% in the US and 11% lower in Europe compared with the same month last year. The firm has also been hit by costs related to safety recalls.

(BBC)