Ford Motor Company has named Jim Hackett as its new president and CEO.

It has also announced global leadership changes designed to further strengthen its core automotive business and accelerate a strategic shift to capitalize on emerging opportunities.

Hackett (62) has a long track record of innovation and business success as CEO of Steelcase, Interim Athletic Director at the University of Michigan and executive chairman of Ford Smart Mobility LLC since March 2016.

Reporting to executive chairman Bill Ford, Hackett will lead Ford’s worldwide operations and 202,000 employees globally.

He succeeds Mark Fields (56) who has elected to retire from Ford after a 28-year career with the company.

Bill Ford said: “We’re moving from a position of strength to transform Ford for the future.

“Jim Hackett is the right CEO to lead Ford during this transformative period for the auto industry and the broader mobility space."

Hackett, together with Bill Ford, will focus on three priorities:

• Sharpening operational execution across the global business to further enhance quality, go-to-market strategy; product launch, while decisively addressing underperforming parts of the business
• Modernising Ford’s business, using new tools and techniques to unleash innovation, speed decision making and improve efficiency. This includes increasingly leveraging big
• data, artificial intelligence, advanced robotics, 3D printing and more
• Transforming the company to meet future challenges, ensuring the company has the right culture, talent, strategic processes and nimbleness to succeed as society’s needs and consumer behavior change over time

Ford has also announced a new structure for its operations and named three new leaders reporting to Hackett:

• Jim Farley, 54, is appointed executive vice president and president, Global Markets.
• Joe Hinrichs, 50, is appointed executive vice president and president, Global Operations.
• Marcy Klevorn, 57, is appointed executive vice president and president, Mobility.