Ford has named Jim Hackett as its new president and CEO as it announced the retirement of Mark Fields.

Jim Hackett is known for his expertise in leading successful business turnarounds including at office furniture maker Steelcase Inc.

Hackett has led Ford Smart Mobility LLC since March 2016 and is known for his expertise in leading successful business turnarounds – Ford has described him as a “transformational business leader”.

His appointment follows a period of slumping shares for Ford and comes as the carmaker looks to cut 1,400 jobs in North America.

Ford said Hackett will focus on three priorities: “sharpening operational execution, modernising Ford’s present business and transforming the company to meet tomorrow’s challenges”.

“We’re moving from a position of strength to transform Ford for the future,” executive chairman Bill Ford said. “Jim Hackett is the right CEO to lead Ford during this transformative period for the auto industry and the broader mobility space. He’s a true visionary who brings a unique, human-centred leadership approach to our culture, products and services that will unlock the potential of our people and our business.”

The company also announced further leadership changes from 1 June, with Jim Farley appointed executive vice president and president, Global Markets, Joe Hinrichs named executive vice president and president, Global Operations, and Marcy Klevorn appointed as executive vice president and president, Mobility.

For more of the latest industry news, click here.