Ford Motor Company was founded by Henry Ford and incorporated on June 16, 1903. It sells cars and commercial vehicles under the Ford brand and has a small residual stake in Japan’s Mazda. It is one of the big three US carmakers and the Focus and Mondeo models are among its most successful brands.

Ford Motor Company Executive Chairman Bill Ford (R) and Jim Hackett (L) speak to the media after announcing Hackett as its new president and CEO at a press conference at Ford Motor Company World Headquarters in Dearborn, Michigan, Photo: EPA

Ford fires CEO

Bill Ford and his board needed an answer, and they needed it now: How was Mark Fields going to turn around Ford Motor?

The answer: he wasn’t.