Ford to name new head for Europe, Asia

Industries Reuters

The logo for the Ford Motor Company appears above a post on the floor of the New York Stock Exchange. (AP Photo)

Ford Motor, which earlier this week named turnaround expert James Hackett as its chief executive officer, will announce replacements for some of its key executive positions as early as Thursday, the Financial Times reported, citing sources.

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The No.2 U.S. automaker will name Steven Armstrong as the new head of Europe, Middle East and Africa and Peter Fleet as the new head of Asia Pacific and China, according to three people familiar with the plans, FT said.

Ford is under pressure from investors over its slumping stock price and its ability to counter threats from longtime rivals and Silicon Valley.

Hackett, who replaced Mark Fields, is the latest in a line of non-family CEOs brought in with a mandate to change the management culture at one of the auto industry's oldest institutions.

The company announced plans to cut 1,400 white-collar positions last week and is expected to look at further significant cost cuts in the coming months.

(Reporting by Sweta Singh in Bengaluru; Editing by Sriraj Kalluvila)