Ford to name new heads for Europe, Asia - FT

Last Updated: Thu, May 25, 2017 17:28 hrs
FILE PHOTO: The logo of Ford is seen during the 87th International Motor Show at Palexpo in Geneva

Ford Motor Co, which earlier this week named turnaround expert James Hackett as its chief executive officer, will announce replacements for some of its key executive positions as early as Thursday, the Financial Times reported, citing sources.

The No.2 U.S. automaker will name Steven Armstrong as the new head of Europe, Middle East and Africa and Peter Fleet as the new head of Asia Pacific and China, according to three people familiar with the plans, FT said.

Ford is under pressure from investors over its slumping stock price and its ability to counter threats from longtime rivals and Silicon Valley.

Hackett, who replaced Mark Fields, is the latest in a line of non-family CEOs brought in with a mandate to change the management culture at one of the auto industry's oldest institutions.

The company announced plans to cut 1,400 white-collar positions last week and is expected to look at further significant cost cuts in the coming months.