Ford CEO Mark Fields To Be Replaced After 40% Stock Drop During Tenure

Ford Motor Company F CEO Mark Fields will be replaced as early as Monday by Jim Hackett, according to a report from Forbes and other media outlets.

The unexpected management shakeup adds to a tumultuous year for mature automakers like Ford and General Motors CompanyGM, who, despite delivering solid operational performance have seen their market caps rivaled by upstart Tesla Inc TSLA. Investors have wondered whether leadership at the Big 3 auto companies have been too slow to innovate in the face of technological shifts such as the self-driving car that are set to reshape the industry.

Fields hired Hackett early in 2016 to help address this very issue. Now, according to sources, Hackett will be named President and CEO, ending Fields three-year reign, during which the price of Ford shares has slipped roughly 40 percent.

Ford will hold a press confernece at 9:45 a.m. ET.

The market seems to welcome the reports. Shares of Ford were up nearly 2 percent at $11.04 in pre-market trading Monday morning.