Ford ousts boss as car giant tries to get on right road

Cars giant Ford was on Monday poised to oust its chief executive to shore up its tumbling share price and get back in the race to commercialise self-driving cars.

The vehicle maker was expected to announce the departure of Mark Fields and name James Hackett, the head of the autonomous vehicles division, as his successor in a wider management shake-up.

Investors and Ford’s board have been losing patience with Fields, whose three-year tenure has seen a near-40% crash in the value of the shares.

Chief concerns included the development of high-tech cars. Despite significant investment, Ford is lagging behind the likes of Tesla, which will reportedly launch a mass-market self-driving vehicle this year.

Ford expects to make its version available by 2021.

US auto sales have also been slipping, stoking fears about Ford’s core business.

Fields, who had plans to expand the range of trucks and SUVs, last week said he would cut its workforce by about 10% in North America and Asia. It followed a 36% decline in first-quarter profit and two costly recalls.

Ford declined to comment.