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Ford chief executive Mark Fields 'axed in reshuffle' - Sky source

Ford Motor Company is replacing its chief executive in a "reshuffle" of top personnel, a source has told Sky News.

The company source confirmed earlier reports that Mark Fields was to leave Ford, but the firm was yet to comment.

The head of Ford's mobility unit, Jim Hackett, is reportedly taking over as chief executive.

Its share price has fallen almost 40% in the three years Mr Fields has been in charge - overtaken, in terms of market value, by electric vehicle specialist Tesla.

Mr Fields began the task of Ford's transition from a traditional automaker to a "mobility" company, laying out plans to build autonomous vehicles and explore new services such as ride-hailing and car-sharing.

But there were rumblings of frustration over the pace of change as Ford lagged rivals in bringing long-range electric cars to market.

A record pre-tax profit for Ford, achieved under Mr Fields in 2015, was largely down to strong sales of its new aluminium-sided F-150 pickup truck.

Jack Nerad, the editorial director for the car shopping site Kelley Blue Book, told the AFP news agency: "Mark Fields was given the nearly impossible task of making the utterly conventional auto manufacturer, Ford Motor Company, into a high-tech information-style company with share values to match.

"Despite turning in credible profits, Fields was unable to turn Ford into a stock market darling, and that may well prove elusive going forward."

A spokesman for Ford Europe said: "We are staying focused on our plan for creating value and profitable growth."

He declined to comment "on speculation or rumours" regarding Mr Fields' future.

The appointment of Mr Hackett in his place would signal an even greater emphasis on greener transport ahead.

Fierce US rival General Motors' Chevrolet Bolt electric car, with 238 miles of range, went on sale last year.

Ford is working on an electric sports utility vehicle with 300 miles of range, but it is not due out until 2020.