Ford replaces CEO

Ford has announced it has replaced CEO Mark Fields after less than three years in that position and nearly 28 years with the company. Jim Hackett, who previously ran Ford’s efforts to develop self-driving vehicles, has been named as successor. Hackett, the former CEO of Steelcase, has served on Ford’s board of directors since 2013.

Ford's profit decreased slightly in 2016 and more sharply in Q1 2017 with Ford’s investment in new technology, including electric and self-driving cars. The automaker announced plans in April to cut costs by $3 billion a year to free up money for that new product development. It recently announced plans to cut about 1,400 jobs.