Ford Motor Co. said it will hold a press conference at 9.45 a.m. Eastern Monday at its headquarters in Dearborn, Michigan. The company did not provide any further detail. The Wall Street Journal, citing people familiar with the matter, reported earlier that the car maker is planning to replace Chief Executive Mark Fields with Jim Hackett, the former head of office-furniture maker Steelcase Inc. who joined Ford in 2016. The move comes after a sharp decline in the company's share price over the course of Field's reign, as well as pressure on profits and loss of market share. Ford shares rose 1.7% in premarket trade, but are down 10% in 2017 through Friday, while the S&P 500 has gained 6%.
Copyright © 2017 MarketWatch, Inc.