AP Source: Ford replaces CEO in push to transform business

This undated photo provided by Ford Motor Co. shows Jim Hackett, chairman of Ford Smart Mobility LLC, a subsidiary of Ford Motor Co. He was named to the position March 10, 2016. Ford is replacing its CEO amid questions about its current performance and future strategy, a person familiar with the situation has said. Mark Fields will be replaced by Hackett, who joined Ford’s board in 2013. (Ford Motor Co. via AP)

DETROIT (AP) – Ford is replacing its CEO amid questions about its current performance and future strategy.

A person familiar with the situation says CEO Mark Fields is retiring at age 56 after 28 years at the company. The person spoke on condition of anonymity because the official announcement hasn’t been made.

Fields will be replaced by Jim Hackett, who joined Ford’s board in 2013, this person says. Hackett has led Ford’s mobility unit since last year. He is the former CEO of office furniture maker Steelcase.

Fields helped lead Ford’s turnaround a decade ago as president of its Americas division.

But the company’s stock price has fallen almost 40 percent in the three years since he became CEO.

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