Mark Fields out as Ford CEO, reports say

Ford Motor Co. is expected to announce on Monday the replacement of President and CEO Mark Fields with board member Jim Hackett. Hackett is also head of the company's smart mobility unit, which is focused on its ride-hailing and car-sharing efforts. According to several reports, the move is due to the automaker's recent disappointing profits and stock price, which has dropped nearly 40 percent since Fields took over in 2014. Fields, 56, has worked at the company for 28 years, and previously served as CEO of then Ford-owned Mazda, and president of The Americas. Ford has not officially confirmed Field's departure, and issued a statement to Automotive News that said, "we are staying focused on our plan for creating value and profitable growth.