New Ford CEO Streamlining Hierarchy, Hastening Decision-Making

Ford Motor world headquarters is seen in Dearborn Michigan

Nair's new position is just one of almost a dozen senior-level staff changes within the company, which comes in the wake of newly appointed Ford President and CEO Jim Hackett, who was named to the position on Monday. Ford Jr., the great-grandson of founder Henry Ford, specifically called Hackett a "cultural change agent", signaling a new direction for the automaker, reports Fortune. Ford leadership is focused on sharpening operations, modernizing business practices and transforming the automaker to compete in the future.

Ken Washington, a 2014 Ford hire who was formerly head of R&D at Lockheed Martin Space Systems, will replace Nair as CTO of Ford and continue in his role as vice president of research and advanced engineering.

Steven Armstrong is appointed group vice president and president, Europe, Middle East & Africa, succeeding Jim Farley.

Also reporting to Hinrichs is Hau Thai-Tang who will lead Global Product Development and Purchasing, replacing Nair. Marakby, 51, previously worked at Ford for more than 25 years, serving in a variety of leadership positions in Product Development in North America and Europe.

Ford said it hired Sherif Marakby as its new vice president in charge of its autonomous and electric vehicle efforts. Hackett, who will report to Executive Chairman Bill Ford, is recognized as a transformational business leader.

■Mark Ovenden will fill Fleet's vacated position in Asia Pacific.

Hackett was announced as president and CEO on Monday by Executive Chairman Bill Ford. Klevorn's award was worth almost $2 million; Thai-Tang's award was worth almost $4 million. He also received performance-based stock units worth $5.2 million over three years and stock units worth $1.75 million if he stays at Ford until 2020. He's also Ford's chief technical officer. He'll lead litigation, tax, corporate and intellectual property dealings. As chairman and CEO of Ford China, he also will lead Ford's operations in China - including Lincoln, the Ford China import business as well as Ford's passenger vehicle joint venture, Changan Ford, and investment with Jiangling Motors Corporation.

And Kenneth R. Kent will succeed Schloss as vice president and treasurer.

Former Ford Motor Co. chief executive officer Mark Fields, who led the company as it lost nearly $25 billion in market value, could walk away with payouts worth about $57.5 million.

Ford Motor Co. said on Wednesday that new Chief Executive James Hackett is eligible for at least $13.4 million in total annual compensation. "Jim Hackett is the right CEO to lead Ford during this transformative period for the auto industry and the broader mobility space".

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