Ford gears up for the future with new chief executive

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 1.3% in morning 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.

Mr Fields' replacement, Jim Hackett, heads the division that was set up to accelerate Ford's foray into autonomous vehicles. Mr Hackett also has a reputation as a cost-cutter. Experience of both will be needed in the years ahead.