Ford shuffles management team as new CEO takes helm

Traditional car makers like Ford face growing competition from Silicon Valley technology companies for the future of transportation

"I am excited to work together with (Executive Chairman) Bill Ford and such a talented and diverse group of leaders to create a more vibrant Ford that delivers value for all of our stakeholders".

The other lieutenant, Jim Farley, oversees the business units around the world, sales and marketing, and Lincoln.

Steven Armstrong will become president of Ford's operations in Europe, the Middle East and Africa. Thai-Tang, 50, will have the task of simultaneously accelerating vehicle development and reining in costs as rival General Motors Co GM.N unleashes a volley of models aimed at the heart of Ford's product lineup.

The automaker said it will also combine its purchasing and product development operations under Hau Thai-Tang, previously head of global purchasing. He reports to Farley.

The company will also tap Peter Fleet to head its Asia Pacific and China operations. During his tenure as vehicle line director, he was responsible for engineering the powertrains in each region those vehicles were available: North America, Europe and Asia Pacific.

Hackett was announced as president and CEO on Monday by Executive Chairman Bill Ford.

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Jeff Lemmer is appointed vice president and chief operating officer, Information Technology, effective June 1. Klevorn's award was worth almost $2 million; Thai-Tang's award was worth almost $4 million. Based on a filing with the U.S. Securities and Exchange Commission, Hackett's total annual compensation could be about $13.4 million, not including any stock grants from Ford Smart Mobility, which he headed before his promotion.

Fields spent 28 years at Ford, but just three years as the automaker's chief executive. He will continue to report to Hackett.

Ken Washington named vice president, Research and Advanced Engineering, and chief technology officer. Kenneth Kent is the new treasurer, reporting to Chief Financial Officer Bob Shanks.

Ford is replacing CEO Mark Fields with Jim Hackett as it struggles to keep its traditional auto-manufacturing business running smoothly while remaking itself as a nimble, high-tech provider of new mobility services.

Hackett's new annual base salary is roughly on par with what his predecessor Mark Fields received in 2016, though Hackett is getting $12,500 more.

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