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22 May 2017 By Antony Currie Follow @AntonyMCurrie

The Model T creator’s great-grandson won plaudits for stepping down as CEO in 2006. But as executive chairman he was on hand for everything that led to Mark Fields’ ouster. The family’s supervoting stake guarantees Ford’s job, but slashing his 2017 pay should be a no-brainer.

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Ford Motor on May 22 said it was replacing Chief Executive Mark Fields with Jim Hackett, the former CEO of Steelcase who has run Ford Smart Mobility since March 2016. Hackett will have three priorities: to sharpen operational execution, modernize Ford’s businesses and transform the company to meet future challenges.

Shares in Ford had fallen 37 percent since Fields took over from Alan Mulally on July 1, 2014. Fields, 56, had spent 28 years at the company.

Ford is also promoting current Americas boss Joe Hinrichs to run Global Operations, current Europe head Jim Farley to run Global Markets and current Chief Information Officer Marcy Kevorn to take Hackett’s place at Ford Smart Mobility.

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