Jim Hackett was named CEO of Ford on Monday

Jim Hackett was named CEO of Ford on Mondayā€¯

Ford said Hackett's job was as follows: "sharpen operational execution, modernise Ford's present business and transform the company to meet tomorrow's challenges".

The challenges he faces at Ford are far greater.

Ford Motor Co.'s new President and CEO Jim Hackett expects Ford's ventures into self-driving cars and the massive amounts of data they generate will become profitable enough to help carry the automaker through the highs and lows of automotive sales cycles. "If you look at the technology coming into our industry, the competitors coming into our industry.we really need transformational leadership". It's also trying to catch up to long-time rival General Motors, which just started selling the electric Chevy Bolt, which can go more than 200 miles on a single charge. Electric auto maker Tesla Inc. even passed Ford in market value earlier this year. Edsel Ford unexpectedly died in 1943, at the height of World War II, forcing the elderly Henry Ford to return to running the company.

In this role, Klevorn will oversee Ford Smart Mobility, which was formed previous year to accelerate the company's plans to design, build, grow and invest in emerging mobility services, as well as information technology and global data, insight and analytics. Ford shares closed Monday at $11.10, up about 2 percent. The three appointments are effective June 1.

What's surprising is the family's solution: appointing an old executive from an unrelated industry.

Hackett said he asked Bill Ford to oversee government relations and communications.

Overall U.S. auto sales are slipping after a long boom. And Ford hasn't kept up with rivals in the electric vehicle market. It notes that while Fields talked of making Ford a "mobility" company, the company's efforts sometimes "felt like tactics in search of a strategy".

"We had a lot of internal turmoil", said Richard Bazzy, who runs a Ford dealership in Pittsburgh's northern suburbs. Having served on Ford's board since 2013, Hackett has led Ford Smart Mobility since March 2016.

Alan Mulally and Mark Fields

GLINTON: A problem for the new CEO, Jim Hackett, is effectively telling the story of Ford to its shareholders. Here are some major events that occurred during Fields' tenure.

"There is no smoking gun here", he said. He ran another old Midwestern industrial company, furniture maker Steelcase, for almost two decades. Hackett had little experience as a vehicle industry insider although he headed the subsidiary Ford Smart Mobility for autonomous cars before his promotion. This will include using new technologies and tools such as 3D printing, AI, and advanced robotics to "unleash innovation" and improve the company's overall efficiency.

With this is mind, it would come as no surprise then to know that incoming CEO Hackett had previously been the head of Ford Smart Mobility over the course of the a year ago. GM, by comparison, has fended off calls from well known hedge funds like David Einhorn's Greenlight Capital, which has pressed the company to split the company's stock.

And of course, the automaker needs to deliver a self-driving auto, which Jim Hackett promised to do by 2021 soon after he joined Ford. To free up the cash to do that, the company said earlier this year that it's cutting $3 billion in costs and as many as 1,400 white collar jobs.

Joe Hinrichs, who had been leading the Americas, has been appointed president of global operations and will oversee areas including product development, manufacturing, labor, quality, purchasing and sustainability.

Finally, Hackett and Ford will also work together to ensure a good company environment and a strong team, all to help the vehicle manufacturer meet "future challenges".

Mark Fields took over as Ford Motor Company's CEO less than three years ago.

Fields declined to comment when reached on Monday.

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