Brief: Ford replaces CEO with its self-driving car boss

The autonomous version of Ford’s Fusion Hybrid. Photo credit: Ford.

The news:

• US automaker Ford has appointed a new CEO, replacing previous chief executive Mark Fields.
• The new CEO, Jim Hackett, is the chairman of Ford Smart Mobility, the company’s subsidiary that works on connected, electric, and self-driving vehicles.
• During Fields’ stint as CEO, the company’s shares dropped 40 percent. The company’s board and investors felt he didn’t expand its core business and didn’t respond fast enough to its high-tech ambitions.

Why it matters:

• Unlikely as it may sound, Ford is currently leading the charge toward developing self-driving cars in the US, according to a report by Navigant Research.
• The Detroit stalwart announced in February it will invest US$1 billion into Argo AI, a company made up of former Google and Uber talent, which will work alongside its own autonomous car unit.
• Meanwhile, Google’s and Uber’s autonomous car development units are locked in a bitter legal battle over technology secrets that could get a lot worse before it gets better.

Source: New York Times