DETROIT -- Ford Motor Co.’s board of directors is turning up the pressure on CEO Mark Fields to better explain the company’s fading fortunes and his plan to turn things around, a person familiar with the discussions told Bloomberg.
The Wall Street Journal also reported earlier Tuesday on the board’s plan to question Fields.
The directors scheduled extra time in their meetings this week in advance of Thursday’s annual shareholders meeting so they could question Fields on his strategy as Ford’s stock continues to stall, said the person, who asked not to be identified revealing internal deliberations. The shares have fallen 35 percent since Fields became CEO July 1, 2014.
Investors have been indifferent to Fields’ plan to pour billions into new technologies like driverless cars and robo-taxis to take on upstarts like Uber Technologies Inc. and Google affiliate Waymo.
Ford’s traditional automotive business has struggled more than crosstown rival General Motors as the U.S. auto market declines following seven years of growth. Ford’s first quarter adjusted earnings fell 42 percent, while GM appears on pace for another record annual profit.