Ford to replace chief executive Mark Fields, reports say

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Mark Fields took up his role in 2014

Ford chief executive Mark Fields is set to depart following a major reshuffle at the car maker, according to reports.

His expected departure, first reported by the New York Times, comes as Ford faces weak sales, falling profits and a near-40% decline in its share price since Mr Fields took up his role in 2014.

He may be replaced by James Hackett of Ford’s autonomous driving unit.

A Ford spokeswoman declined to comment on the reports.

Last week, the carmaker said it planned to cut around 10% of its global workforce.

Ford employs more than 200,000 people globally at the end of 2016, including about 101,000 in North America and 23,000 in Asia.

Sales in April were down 7% in the US and 11% lower in Europe compared with a year earlier. The firm has also been hit by costs related to safety recalls.

In recent years, Ford has invested heavily in self-driving technology and ride-sharing services.

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