will they give it to hackett?amie: a lot of what mark fields was implementing was alan mulally strategy, which had invested a lot in more fuel-efficient cars and full-size pickup trucks. that's great except that gas prices fell and american consumers weren't all that inspired by fuel economy. they were behind on suv's, but mark fields had a communications problem with investors and some other stakeholders. you look at this most recent quarter, it's late in march and they announced the lower guidance and tell everyone you are expected -- your expectations are way too high. morgan stanley called it one of the biggest misses of all time and the stock plummeted come in and they beat those lowered expectations and the stock rose for about half a minute and then went down again. every time they reported record earnings, the stock would fall. it always had a negative spin. 30%: the stock is down since his tenure began in 2014 leading to the obvious question, what does hackett have to do to turn the stock around? jamie: h

he's being replaced by jim hackette. jim hackette, formerly the ceo of steelcase, board member at ford for a number of years and then took over the smart mobility business about a year, maybe a year and two months ago, and he now will be at the headquarters and we heard from him just within the last hour, saying look, we need to move faster, we need to make our decisions more unified as a company and as part of that, we are going to be talking with bill ford about what happens next for ford and about this decision, how quickly they decided the ford board decided because there's already reporting out there they have been mulling this over for some time as far as making a change. >> phil, we just heard from robert frank about the ford family and obvious frustrations over the stock price. is the read this morning that this move is to patch up that stock, or to truly graduate the company into a new era of mobility? >> the read is that it's a combination of factors. there's no doubt that the lagging stock price played a role

that's job one for jim hackett.orsxplain and employees what their plan is for the future and what their plan is for the present because they are chasing general motors. g.m. is doing much better because they're making more s.u.v.'s and on pickup trucks and ford has to find a solution to that in the near and they have to find a long-term solution and bill ford thats hackett can do because he is a big thinker but said. problem-solver, he joe: obviously ford stock has languished but it's not like g.m. has done all that great. it still hasn't recovered since its 2013 peak. the state of the industry overall. sales have been really good, perhaps up until the last few have sputtered a little bit. is there an industrywide anxiety now? keith: there is and it affects automakers more than tesla, for example. but after seven years of growth and record sales, u.s. auto sales are turning down this year. collapsing. they're expected to be around $17 million, at the high end of normal. means profits are going to go down, revenues w

wrong hackett. like jim hackett from anadarko, he's very good. but steelcase, he must have been friends of the family because if you look at the share price of steelcase that thing has been about as animated as a real bite. steelcase cabinet. you know? like maybe they should have picked somebody from herman miller. herman miller, that is a good chair. >> very interesting the board made a decision to move in this direction based on the underperformance of the stock and it does, again, i think beg that question. if other boards are starting to look at three year performance -- >> wow. was someone knocking on the door? >> when the industry is coming off the best time ever, it will -- i don't know. we can think of names i'm sure that have longer underperformance. much more significance based on a longer history of poor decisions where perhaps the ceo deserves to go. there's plenty i can come up with. >> when you get the president over to saudi arabia, you get some big orders from boeing and lockheed mar

. >> the new ceo is jim hackett, 62 years old. while his time at ford as a director and most recently running the company's mobility division have been limited, hackett has seen enough to know the automaker needs a fresh approach. one that echoes the winning formula of former ceo allen mullally. >> he did a special thing to get the company to be a community again, with this structure that he created. it worked really well. in fact, we're going to use parts of it in the way that we monitor our success. >> ford is not a lost cause. it's still on track for one of its most profitable years later. tesla and waymo are developing technologies like self-driving cars. the biggest challenge facing jim hackett will be changing the culture of a company more than 100 years old. >> he needs to hit the ground running and be that person that makes you want to come to work in the morning. that's really hard to do when you're dealing with a company as old and entrenched potentially as dearborn has shown itself to be. >> the initial reaction of wall

jim hackett. jim hackett was at the university of michigan, led that institute.elevated to the top job at ford. and really what he has to do is articulate a vision for ford when it comes to telling investors, telling wall street, how it is going to be profitable in the future where it goes well beyond building the f-series. and suvs and how these autonomous drive vehicles that the company is working on and how the smart systems will filter down to the line. again, mark fields out as ceo of ford motor company. jim hackett one-time ceo of steelcase and a former member of the ford board of directors will be replacing him as ceo. >> phil, just looking at the story, suggesting that mr. farley head of europe release in after can will be assuming a bigger role. >> correct. >> we spoke earlier the fact that the new ceo is the head of ultimately the technology department -- i forget the name of the department? >> the smart mobility. sure. >> separately, mr. farley getting a promotion. does that mean a larger reinvestment in the europe business because they've been pulling

hackett, whoby jim has been leading the company's move to self driving cars. westin joins us with consecutive chairman bill ford. david: we are with bill ford. read i just you coul forget you and your new ceo of the news conference and the words i heard from you time and --in our focus and speak at focus and speed. tell us what you need to focus on and what you need to get to faster. what we need to focus on is our mission going forward. we are in a time of unprecedented change that offers amazing opportunities, but we have to be very select the, we have to be -- very selective, we have to be clear about where we are going to play and how we are going to win, and we have to articulate that not only to our employees, but the investing world. that is the focus. we live in a world where the clock speed is increased dramatically. inthat wempetitors haven't seen before. need to get ourselves into fighting shape very, very quickly. said positive things about mark fields, the outgoing ceo, but it must be some change you want that you didn't see happening before it is

in this case he got a guy who stepped off the board hackette to run their new division and now hackette operation. it's quite a bit. i think he's not known as being a big external communicator. mark was so gilded and gifted at that. i think it's going to be a bit of a stretch. and they're retooling their marketing operation the same time, and of course there are ripple effects in terms of who's in charge of what for operations with farley taking over marketing which i don't know how strong a move that will be. hopefully it will work out pretty well, and i, i, i, i just think that this is -- you look at companies, you know, think of names, allen coleman at dupont, claus kleinfeld of alcoa, mark fields, you could put together an incredible roster of industrial strength that's just been really undermined by this kind of short-termism. >> okay. jeff, thank you for your time today. it's good talking to you. >> sure. >> when we come back, charting the markets. we will talk technicals, ctig's katie stockton. you are watching "squawk box" on cnbc. i count on my dell small business advisor for

julia: what about jim hackett here?kground and why ford believes he is the guy who can shake things up and turn things around. he's painted as pretty ruthless. when he worked for steelcase think, i believe he made 32% of the staff redundant in a four-year period. is this what ford needs, someone pretty ruthless? >> they did already announced cuts to the salaried staff of about 10% just last week. ford did a lot of downsizing during the last recession. sure that is the thing that is called for at this moment. it seems they need to charge this new path for how they are going to make money on the mobility services, robot taxis, and how they will fund the development of those products today by making billions off suvs. scarlet: speaking of the future, it is hard to resist the temptation to compare forward to companies like -- ford to companies like tesla and uber. when tesla flashes billions of dollars on electric vehicles, investors applaud. similar, thes market frets about a lower profits. -- about lower profits. julia an

hackett is 62, fields is 5. 6. spent half his life at ford.lue oval, taking it out of hock. if you look at the competitors for the auto industry right now, it is not conventional competitors, it is apples, googles, as well as tesla. during mark fields 'rein, their stock up, ford is down. if you're mark fields you have to say what is this all about? 2 1/2 million vehicles. tesla sold 76,000 vehicles. if you look at, ford made $4.5 billion last year. tesla loss $773 million f you look at market cap though, because of the share price, tesla now dwarfing ford. ultimately, liz, i think that was kind of it, you know the board kind of lost faith in mark fields. they like jim hackett because he used to be on the gm board so people knew him pretty well. you may also know he was interim athletic district tore at university of michigan, who hired jim harbaugh as the football coach. in addition to being the ceo of steelcase. he did a great job there. bill ford says this guy is visionary. they love him in silicon valley. he may be older than mark fields bu

and that's the last thing that jim hackett has to do. he has to develop future technology from autonomous drive vehicles to monetized data in these weeks. i had a chance to talk to him about the perception that the smart mobility unit before he became ceo, just not moving fast enough. here's what he had to say. >> i understand that pressure. i understand that anytime you're describing the future as ambiguous until you can prove it, the way we're going to win the hearts and minds of everybody is have great ideas of work. and ford has put a decade into the av development. it's really coming along. and when we're ready to talk about it, we're going to be really clear about it. >> it is the communication of what ford is working on that is key here. and that's why we're showing you this chart of tesla and ford. i've had a lot of people e-mail me and say, tesla is not that far ahead of ford in terms of ford autonomous drive vehicles. with investors, it is farther ahead than ford. you can make arguments here that ford is working hard. but the b

jim hackett is in. good morning. welcome to "bloomberg daybreak." i'm jonathan ferro. this monday morning, futures stable. marginally positive looking at the doubt and -- the dow and s&p 500. triesllor angela merkel to explain why there is a trading surplus in europe, and saying the euro is too weak. you cannot make sense of the sometimes. crude comfortable at $50.8 0. another $350 billion honest in hardware deals rummaged in the next three years. wilbur ross had high praise for the deals that got done. >> i cannot imagine another business day as good for the united states and the kingdom. kevin cirilli joins us now from jerusalem. let's talk about those deals. energy, andilitary, infrastructure deals done. how important are these for the president at this point? kevin: very important. coming on the heels of the administration raising questions about the potential collusion for russia. i asked secretary ross of whether or not these investigations would cloud over the trip, and he believed they would not

taking over in the corner a guy by the name of jim hackett, head of the company's smart mobility areaeff flock joins us with the latest, jeff. reporter: winds of change blowing through the auto industry as well as my hair. jim hackett, maybe you don't know who he is, but if you have been following office supply or office furniture industry you might know who he is. he was ceo of steelcase. turned that company around. was on the ford board for three years. for the last year ran the ford mobility unit that is the future, says ford. the past, the history is mark fields. he spent half of his life at ford. 56 years old. he spent 28 years there, last three as the ceo. had pretty good success in course of his run in my opinion. cars sold, all-time record, up to, since the recession. profit, 4 1/2 billion dollars last year. that was pretty good and a record since the recession. relaunched the f-150 successfully but the stock in the tank, down 37% over the course of his run. lost the confidence of the board, bill ford said. he introduced the new ceo today, jim hackett. >> the biggest challenge

the new chief will be jim hackett. who has led the movement for self driving cars and ridesharing. under fields shares have fallen more than 30%. your bloomberg business flash. tom: thank you so much. it is a great honor to bring you he not been on the ford motor company. he makes it clear that mr. fields is out. 20 years ago he wrote the definitive story on the death of the american car. forlarge a failure is this ford? fields did like mark not turn out to be the right horse to ride. they are changing courses quickly over to jim hackett who had been waiting up this new mobility effort. tom: ford is the one company that did not go bankrupt. they take great pride in that. what is the linkage here between one and mr.f ford allen? when turned them around companies were going bankrupt. at the time gas was four dollars a gallon. they were big on small cars and fuel-efficient engines. here we are now with low gas prices and suvs are selling. they are out of sync with the market. taylor: -- tom: when i noticed in 24 months, c

but now it's hackett's chance. i guarantee you the job won't be any easier than the one that fields did. after running a traditional oil compa company. still more "mad money" ahead, including a cause for a little happy hour on cramerica. a big boon for a british control maker. and cloud big data, ma sheern learning, i'll share you the buzz words, i'll speak with the ceo behind it. > . >>> we're now coming up on the 1-year anniversary of the brexit vote that shook the world. when uk shocked just about everyone by choosing to leave the european union. it triggered a monster global selloff. but after a few months of pain, we quickly bounced back and we knew some companies early on would flat out benefit from brexit. you can argue for leaving the eu as a policy question, but the one thing we know for sure, it helped make britain's currency cheaper, the pound went into free fall versus the euro and the dollar, and that's good for companies based in britain who do a lot of companies overseas. which brings me to diago. di

in comes jim hackett. the stock fell 35% since mr.k the helm weighed by a ton of debt. >>> sears closing another 30 stores. that ised in ages did to the 150 they have announced will be closed. that announcement came at beginning of the year. straight down for sears at $7 a share. >>> back to the president's trip to the mid-east. one theme, religion uniting against terror. listen to this. >> there is still much work to be done. that means honestly con fonting the crisis of islamic extremism and islammists and islamic terror and we are having a very profound effect if you look what happened recently. and it means standing together against the murder of innocent muslims, the oppression of women, persecution of jews and the slaughter of christians. stuart: isn't it nice to see an american president say the slaughter of christians, accepting what is truly going on in this world. special guest joining us now. the author of, they're your kids, sam sorbo with husband kevin sorbo. lady and gentleman welcome to the program. we concentrated on t

fortunately, we have that in jim hackett. emily: joining us now, david welch.g,d fields do especially when it comes to self-driving cars? what do they think hackett can do better? david: the stock prices have been down. earnings have been down. they have been pulling down the forecast while general motors is raising a forecast. you are not seeing big company stocks down as much. ford felt a lot of pressure. when you look at the self driving car side of the business, they did not have a clear direction or mission. those were questions ford wanted answered. g.m. has units they have acquired. they are testing in san francisco. they have a piece of lyft and our experiment in with putting those in the fleet. they have clear things they want to do with this. they have their own business maven. ford does not have any of that clearly laid out. i think they want to see some direction. emily: are we expecting job cuts at ford? >> they announced they would cut 10% of the salaried staff globally. i don't know that they will be cutting more. costs have gone up in the past t

vonnie: fort replacing the ceo mark fields with jim hackett who has been running ford's spark -- smartility unit since last year. >> there has definitely been pressure at fort because stocks have fallen so much during mark fields' tenure and it was last week that bill ford was defending the company to the shareholders, but he never mentioned mark fields i name. it kind of look like there was going to be some kind of shakeup at order, but it was kind of surprised that mark fields did get pushed out and replaced by jim hackett. >> i have never seen such a time in our industry where technology and competitors and everything is converting to drive real change. it is very helpful at a time like that to have a leader who is very experienced in driving transformational change and fortunately we have that in jim hackett. david: is this a matter of electrical vehicles question mark it is perceived that you are behind some people in the industry. >> it is about ev's and it is about av's, autonomous vehicles and making sure we are investing in the parts of the car and truck business that we get g

hackett had been in charge of overseeing ford's self-driving car program.ows to have a small executive team that can set the company's plans communicate them clearly and make decisions quickly. >>> the major stock indices made gains on monday and the u.s. futures market doesn't seem to be reacting to the manchester bombing. as they're flat right now but we'll see as the opening bell approaches at 9:30. >>> a ring bought at a garage sale in the 19 gets has turned out to be a treasure. the owner paid $15 thinking it was just costume jewelry. an appraisal revealed it is a 26 karat diamond worth $400,000. it will go on auction on june 7th. >> think how awesome. somebody thinking it was costume jewelry. >>> it is 4:53. hours after winding the pole position for the indianapolis 500 an indy car driver is that robbed while stopping at a fast food restaurant. month are on that at 5:00 a.m. >> we continue to follow the latest developments on the concert bombing in manchester new england. other performers are speaking out about the deadly explosion. that is next. chri

. >> signed by muhammad ali, adolf hitler, charles manson, buddy hackett, paul mccartney and more.great. >> vincent price. >> after the break... >> but first our "strange inheritance" quiz question. which '70s hard rock band switched gears to cut the solid-gold disco hit "i was made for loving you"? kiss, iron maiden or the ramones? the answer when we return. ♪music ♪you fill up my senses ♪like a night in a forest ♪like the mountains in springtime♪ ♪like a walk in the rain ♪like a storm in the desert ♪like a sleepy blue ocean ♪you fill up my senses ♪come fill me again ♪come let me love you ♪let me give my life to you ♪let me drown in your laughter♪ ♪let me die in your arms ♪let me lay down beside you ♪let me always be with you ♪come let me love you ♪come love me again >> so, which '70s hard rock band switched gears to cut the disco gold record "i was made for loving you"? it's a, kiss. the song's cowriter, paul stanley, said he wanted to prove it was easy to make a disco hit. >> so, where were we? oh, right. in the middle of a story about how hugh hooper came into inherit not one b

. >> signed by muhammad ali, adolf hitler, charles manson, buddy hackett, paul mccartney and more. that's great. >> vincent price. >> after the break... >> but first our "strange inheritance" quiz question. which '70s hard rock band switched gears to cut the solid-gold disco hit "i was made for loving you"? kiss, iron maiden or the ramones? the answer when we return. >> so, which '70s hard rock band switched gears to cut the disco gold record "i was made for loving you"? it's a, kiss. the song's cowriter, paul stanley, said he wanted to prove it was easy to make a disco hit. >> so, where were we? oh, right. in the middle of a story about how hugh hooper came into inherit not one but two strange art collections. one was a fleet of car sculptures created by his younger brother, steven, also known as hoop or the king of art, if you please. the second collection, as you're about to see, was curated apparently at significant cost by a classic new york character named baird jones. >> baird had a standard preppy uniform. khaki pants, baseball hat, and would send out these little invitatio

. >> signed by muhammad ali, adolf hitler, charles manson, buddy hackett, paul mccartney and more.great. >> vincent price. >> after the break... >> but first our "strange inheritance" quiz question. which '70s hard rock band switched gears to cut the solid-gold disco hit "i was made for loving you"? kiss, iron maiden or the ramones? the answer when we return. why pause a spontaneous moment? cialis for daily use treats ed and the urinary symptoms of bph. tell your doctor about your medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away. ask your doctor about cialis. g new cars. you're smart. you already knew that. but it's also great for finding the perfect used car. y

. >> signed by muhammad ali, adolf hitler, charles manson, buddy hackett, paul mccartney and more.> vincent price. >> after the break... >> but first our "strange inheritance" quiz question. which '70s hard rock band switched gears to cut the solid-gold disco hit "i was made for loving you"? kiss, iron maiden or the ramones? the answer when we return. >> so, which '70s hard rock band switched gears to cut the disco gold record "i was made for loving you"? it's a, kiss. the song's cowriter, paul stanley, said he wanted to prove it was easy to make a disco hit. >> so, where were we? oh, right. in the middle of a story about how hugh hooper came into inherit not one but two strange art collections. one was a fleet of car sculptures created by his younger brother, steven, also known as hoop or the king of art, if you please. the second collection, as you're about to see, was curated apparently at significant cost by a classic new york character named baird jones. >> baird had a standard preppy uniform. khaki pants, baseball hat, and would send out these little invitation cards. >> auth

. >> signed by muhammad ali, adolf hitler, charles manson, buddy hackett, paul mccartney and more. that's great. >> vincent price. >> after the break... >> but first our "strange inheritance" quiz question. which '70s hard rock band switched gears to cut the solid-gold disco hit "i was made for loving you"? kiss, iron maiden or the ramones? the answer when we return. ♪ ♪ what we do every night is like something out of a strange dream. except that the next morning it all makes sense. to power global e-commerce fedex networks are massive, far-reaching and, yes... a little magical. fedex.com slash dream ♪ here comes the fun with sea-doo. ♪ ♪ sea-doo has the most affordable watercraft on the market. starting at just $5,299 and get 0 percent financing. visit sea-doo.com today. >> so, which '70s hard rock band switched gears to cut the disco gold record "i was made for loving you"? it's a, kiss. the song's cowriter, paul stanley, said he wanted to prove it was easy to make a disco hit. >> so, where were we? oh, right. in the middle of a story about how hugh hooper came into inherit not o

jim hackett, how he has to articulate more.le ford made big investments out in the silicon valley, when you talk with people out there, and when you talk with analysts, you talk with people in the auto industry, ford is generally considered to be a laggard relative to others when it comes to developing systems. doesn't mean it's not turning around, doesn't mean jim hackett can't catapult into a leadership position, but the clarity has to be this is where they are starting right now, from a position of trailing, not leading in the area. >> can they do that, walter? make acquisitions to get -- to bring the innovation in the house here? what do you think? >> well, that was the question i was about to ask. i really do think they need acquisitions. you saw that in the other auto companies making partnerships and deals, whether it's lyft or whether it's autonomous vehicle technology. i think ford, good thing is, so sort of secure, very straightforward, kind of easy, and i think they need somebody who is comfortable in silicon valley.

. >> signed by muhammad ali, adolf hitler, charles manson, buddy hackett, paul mccartney and more. that's great. >> vincent price. >> after the break... >> but first our "strange inheritance" quiz question. which '70s hard rock band switched gears to cut the solid-gold disco hit "i was made for loving you"? kiss, iron maiden or the ramones? the answer when we return. i've been blind since birth. i go through periods where it's hard to sleep at night, and stay awake during the day. learn about non-24 by calling 844-844-2424. or visit my24info.com. on mattress firmness? fortunately there's a bed where you both get what you want every night. enter sleep number and the semi-annual sale going on now. sleepiq technology tells you how well you slept and what adjustments you can make. she likes the bed soft. he's more hardcore. so your sleep goes from good to great to wow! only at a sleep number store. oh, and right now it's our lowest price ever on our temperature balancing i8 bed. save $700. go to sleepnumber.com for a store near you. i just want to find a used car without getting ripped

there is a surprise shakeup, what the new ceo jim hackett brings the table.is bloomberg. ♪ i've spent my life planting a size-six, non-slip shoe into that door. on this side, i want my customers to relax and enjoy themselves. but these days it's phones before forks. they want wifi out here. but behind that door, i need a private connection for my business. wifi pro from comcast business. public wifi for your customers. private wifi for your business. strong and secure. good for a door. and a network. comcast business. built for security. built for business. emily: welcome back to "the best of bloomberg technology," i'm emily chang. the digital revolution is transforming the world of work, with the latest technological advances placing some jobs on the chopping block. with that in mind, the think tank new america released the futurethat outlines four workplace scenarios that could play out in the next 10 to 20 years. we caught up with the president and ceo of new america and former director of policy planning under then secretary of state hillary clinton. i st

so we expect more automatic cars and more electric cars and if the name jim hackett might ring a bell, you might be a 49ers fan. he used to be interim athletic director at the university of michigan and is the guy responsible for bringing jim harbaugh to michigan. a cute little embrace there. from there, hackett has also been the ceo of a office furniture marriage and a very unusual career path so, again, with a lot of bay area ties. >> all right. thank you very much, scott. >>> for years tesla offered own ears nice little perk. they could charge their cars for free at any of its superstations. in january the company said they will fades that program out. new users can still take advantage of this offer if they get another driver to give a referral code so the existing owners can give out the free charging codes to up to five friends. >>> you may have seen this video already of a sea lion dragging that little girl off the pier and into the water near vancouver. a stranger dives in right after her and gets her to safety, but today the police chief says her parents are the ones to blame

jim hackett. a one time board member of ford. long time ceo of steel case, the office furniture company and for the last year, he left the ford board last year to start up or oversee ford starting up the smart mobility division, the division that works on autonomous drive vehicle, mobility solutions and now, he's going to be bringing some of that along with a desire to redo this company. reposition this company to make it leaner, more nimble, faster, see if it can move fast enough to catch up in terms of its share performance relative to certain tech companies and certain auto dpacompanies. ford versus tesla over the last couple of year, when you see the split in performance in particular, all of 2017, no comparison, ford has done nothing. tesla, we know the story there. guys, ford will tell you, this is not about trying to compete with tesla because they're trying to do their own thing, but make no mistake, when you see tesla with a larger market cap than ford shares, that has an impact this terms of ford saying we've got to mak

what new ford ceo jim hackett brings the table.is bloomberg. ♪ ♪ emily: welcome back to "the best of bloomberg technology." i'm emily chang. the digital revolution is transforming the world of work with the latest technological advances placing some jobs on the chopping block. with that in mind, the think tank new america released the commission on workers and technology. the report outlines four future workplace scenarios that could play out in the next 10 to 20 years. we caught up with the president and ceo of new america and former director of policy planning under then secretary of state hillary clinton. i started out by asking about workforce trends she expects to continue. >> i think we know some things are given. we know there will be some amount of automation. we just don't know how much. we also know that there is a shift going on from jobs to tasks, like in the gig economy, we just don't know how much. our scenarios run through different combinations of jobs, more or fewer jobs, and whether that will be more jobs are more

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jim hackett takes over as ceo. what kind of experience does he have?e was on the ford board of directors but really most of his executive correct for many years although we should point out that he left the ford board to take over the company's autonomous vehicle development program, in charge of smart mobility overseeing the entire division and as part of that he realize s that ford needs to mae quicker decisions. earlier today when he was talking to reporters how familiar he is with how slow ford is when it comes to making decisions in a rapidly changing industry. >> both of us feel like over years, what happens in big corporations the bureaucracy and the hierarchy is probably overwhelm overwhelmed. what can be faster decision making. >> reporter: at a minimum he'll have to make ford move as fast as its competitors in detroit and we're talking about general motors and fiat chrysler which have both outperformed ford in the last year. take a look at shares of these stocks. one thing to keep in mind with jim hackett, everyone is saying he is a change ag

the new guy is a fella by the name of jim hackett.ill ford today, who is also going to have a bigger role at ford now. hackett is the former ceo of steel case. turned that company around. he is seen as a visionary, even though he's six years older than mark fields is. he's the guy who was credited at steel case for having foreseen the end of the office cubicle and changing steel case's direction with different kind of furniture. and he also, by the way, if you're a football fan, particularly at the university of michigan served as the interim director and hired jim hardball as coach there. and that has gone over big time. the ford board likes him. he's served on the ford board for three years. they think he's a visionary and going to take the company forward. mark fields, though, i think if he wants a new job, i'll bet he finds one. trish. trish: i don't think he's going to have too much trouble on that front. so, by the way, what exactly replaced the office cubicle? just the lower sort of more. >> open workspace. no cubicles. althoug

ford has named jim hackett as its other business stories.he company faces declining sales in the us and chinese markets. more on that in the next hour. leaked documents have revealed the ethical policies of the social media giant facebook. according to the uk's guardian newspaper, the company does not instruct employees to remove content showing violent death, abortion and self—harm. the news comes amid calls for facebook to play a bigger role in censoring content which some users may find offensive. airbus — the plane maker — has appointed a panel of independent consultants to try and stop corruption at the aerospace firm. it follows a series of investigations including uk regulators launching a bribery investigation at the company's jet division. the panel will be given access to "all levels of the company". let's renumber markets for you. the ftse 100 let's renumber markets for you. the ftse100 is up, doing betterthan other european markets. that is partly thanks to the falling value of the pound, which is down against the dollar and the

it's chief executive mark fields is to leave and will be replaced by colleaguejim hackett.les, falling profits and a steep decline in its share price — just look at this from bloomberg — its value has dropped by almost 40% since he took over. samira hussain has the details. but first he is a report she has made on it. mark fields, seen here just weeks ago at the new york auto show, is out as ceo of ford. the company claims that at 56 years old he has decided to retire. to be clear, i did not fire mark field. despite seeing ford through a era of record profits of $10.8 billion, irresponsibility of the company's pranking share price them almost 40% in the last three years, is landing at the feet of mr fields. when asked why the stock was falling, the chairman said it was a question of messaging. the traditional auto a nalysts messaging. the traditional auto analysts look at us and say, we feel there is not a lot of upside in the market left and i think the people who are looking at the future are saying, you're messaging needs to be clear in terms of where you're going and ho

the officials briefed on the move and reportedly set to replace him is jim hackett.ock has dropped off precipitously during field's tenure. the company slashed 10% of the work force. mostly salaried in an attempt to jump start the stock. that did not work. nbc news has not independently confirmed the report. >>> still ahead, we are awaiting president trump and air force one touching down no tel aviv. >>> and the final curtain call for the ringling bros. and barnum & bailey. the greatest show on earth. we're back in a moment. whuuuuuat?rtgage offer from the bank today. you never just get one offer. go to lendingtree.com and shop multiple loan offers for free! free? yeah. could save thousands. you should probably buy me dinner. no. go to lendingtree.com for a new home loan or refinance. receive up to five free offers and choose the loan that's right for you. our average customer could lower their monthly bills by over three hundred dollars. go to lendingtree.com right now. >>> welcome back. the president trump continues his first trip abroad. up early this morning if y

. >> when we come back, mark field is out and jim hackett is in at ford. what are insiders saying?ob lutz will weigh in. we speak to an early investor in companies like netflix, air b&b, and netflix and go daddy on the state of tech. >>> call it the last waltz. walt mossberg is hanging up his gloves and will give us highlights on his long and storied career. back in a moment. (shouting) more power tools. more power suits. (shouting) more power... chords. with customized loyalty programs and data-driven insights, synchrony financial can help bring more... power to your business. >> the congressional budget office and wall street economists think the next decade will be more of the same. >> we reject that pessimism and say we should have gone in and assumed 3.5 to 4% growth that. would be aggressive. >> if we don't bring >>> we are following the ceo shake-up at ford. joining us now, bob lutz, who also held senior leadership positions at ford and bmw. great to see you. i would love to get your take on this ford ceo transition. it seemed a few months ago, we were talking about north am

of shakeup at ford, but it was a surprise that mark fields did get pushed out and replaced by jim hackett i have never seen such a time in our industry where technology and competitors and everything is converging to drive real change. it is very helpful at a time like that to have a leader who is very experienced in driving transformational change, and fortunately, we have that in jim hackett. david: is this a matter of electrical vehicles? it is perceived that you are behind some people in the industry. >> yes, it is about ev's and it is about av's, autonomous vehicles. and it is also about making sure we are investing in the parts of our current truck business that we get good returns, and we are not investing in parts of our business where we are not getting good returns. so, it is really about capital allocation as well. >> 22 people have been confirmed dead with around 50 injured at a blast in the u.k. in manchester. it happened just as a pop concert by ariana grande was wrapping up. police confirmed they are treating the explosion as a terrorist incident, which would make it the mo

jim hackett is replacing mark fields.cs say fields failed to respond the company's core business and shares dropped 40%. hackett takes over the role after he was previously in charge of ford's self-driving cars. >> a $50,000 grant will help fight hunger in camden. the youth advisory board made the denationation today. as a result, gardens are already being built outside of the cool on cooper street. they're growing seasonal vegetables to give back to those in need. >>> a brand new season of the bachelorette premieres tonight. the attorney from dallas became a fan favorite during the last season of the bachelor and in a surprise to fans of the show, rachel recently announced that she did find love on the show and is engaged. she talked this morning on good morning america about the men being the most diverse in the show's history tonight. >> i went to producers and i said look i date everyone. i don't have a particular type and i would like for the men coming out of the limo the first night to reflect that and they did, as

the executive chairman calls hackett a visionary who can lead the company into the future. >> a time of great change requires a transformational leader. thankfully, we have that engine. >> both of us feel like over years what happens in big corporations, the bureaucracy and the hierarchy is probably overwhelmed. what can be a faster decision-making, clearer understanding teams, working collectively. >> he currently runs the self driving car effort. ford's stock is up slightly this afternoon. as for the market overall, the dow is up 90 points. >>> still ahead, flames send an awning crashing down trapping a firefighter. how people came together to get them out. >>> new guidelines when it comes to kids and juice. how it may have some parents changing their routines. >>> hi, everybody. we start off with a huge clouds in the coast. we got sunshine inland and the hot weather continuing and the inland areas. we talk about the cooldown as the news continues right after this. >> zero my god, zero my god. get him out, get him out. >> dramatic new video the moment a gas station crashing down on

he will be replaced by jim hackett. good news from portugal six years after the bailout the breaching no longer budgetary rules. well below the 3% limit and only three are in the threshold.hat greece, france and spain. we will wrap up with something a little different in aris and other areas the emergence of cats cafes but san francisco is going in a direction. >> no doubt some wonder if this too far. gone bit a new pop-up in the san the rato dungeon called cafe two days in july people can pay $50 per person including all can drink coffee with the and main attraction the san francisco dungien. worn that the fare is either locally grown nor sustainable but i imagine it is organic. >> no, thank you for that. ow it is time for the press review. let's look at what the papers with allison.ng >> we will start in israel where hey are gearing up for the arrival of donald trump. as you can imagine a lot of rolling out the press version of the red carpet. post ande the juvenile arrives ine is trump amid great expectation. preside

the company says fields is retiring after tl year 28 yearse company, being replace plad witm hackett.d a chance to speak with bill ford, he's the great-grandson of henry ford, chairman of the board, about what happened and what it means for ford's future. >> on friday the board met and then after that, i went to see mark and we had a long talk and he elected to retire and so we're going forward with jim hackett as our new ceo which i'm very, very happy with. and he will provide us really transformational leadership at a time of great change for our industry. >> and i guess the issue here is taking your great-grandfather's ford, which is known around the world as a manufacturing company and an auto company and sort of making it into a technology company? >> well, we have to do all -- we have to do -- it's not either/or. we have to do that. we will always make great cars and trucks, but how they are used and who they're used by and how they're accessed by customers will change over time. >> what do you want to be known for if we were having this conversation in five years, you got to ca

jim hackett will take the helm. he was called a visionary as it leaps forward into self driving cars. >>> memorial day weekend is fast approaching and some are scrambling to get into shape for the beach or the pool. you may not lose 15 pounds by saturday, but you can kick-start your journey with a plan that works. here's ali gorman. >> reporter: fad diets are out, personalized diets are in. meet a working mother who tapped into virtual nutrition sessions. she learned how to tweak her diet while enjoying her favorite foods like pizza. she lost 30 pounds in 4 months. >> it was an amazing feeling, i was a size 18 and then 16 and now i'm a size 12. >> reporter: we'll show you what you can do to shape for up for summer. tonight on "action news" at 11:00 p.m. >>> breaking news out of glassboro, new jersey in gloucester county. police are asking for the public's help finding this little boy, sean michaelson he was last seen in the area of the elementary school at new street park. at the time of his disappearance he was wea