Ford Welcomes New CEO

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

COLMA, CA - JULY 28: The Ford logo is displayed on the front of a brand new Ford truck at Serramonte Ford on July 28, 2015 in Colma, California. (Photo by Justin Sullivan/Getty Images)

MICHIGAN  —  Ford CEO Mark Fields is out after less than three years on the job.

On Monday, Fields was replaced by Jim Hackett. Hackett joined the company’s operational ranks last year to develop self-driving vehicles. Fields was under fire for failing to expand Ford’s core business or high-tech developments.

Ford also announced they are eliminating 1,400 positions in North America and Asia Pacific this year in an effort to boost profits.