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Ford Board Questions CEO Fields on Strategy
Ford Motor Co.’s board extra meeting time on Tuesday to question CEO Mark Fields about the company’s costly push into such new technologies as electric cars and autonomous vehicles, according to multiple media reports.
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Ford Motor Co.’s board extra meeting time on Tuesday to question CEO Mark Fields about the company’s costly push into such new technologies as electric cars and autonomous vehicles, according to multiple media reports.
The grilling comes as Ford’s stock price and U.S. market share fade. The reports say Ford's board is concerned about future profits amid indications that a seven-year-long period of continuous growth in the American car market has ended.
Ford’s stock price has dropped by one-third since Fields was named CEO in July 2014. The company’s U.S. market share so far this year is 15.1% compared with 15.9% at the end of 2013, according to Autodata Corp.
The Journal says some critics within the company believe Fields has turned too much attention to Ford’s future direction and not enough on the conventional businesses that generate its current profits.
Sources tell The Wall Street Journal, which first reported the story, that Chairman Bill Ford and other directors support Fields’ efforts. But they want him to sharpen his focus on the most immediate opportunities for growth.
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