Reports are emerging out of the US that Ford Motor Company has fired its Chief Executive Officer Mark Fields and will replace him with the company's head of Smart Mobility, James Hackett.
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Several reports have emerged over the last hour that a major shake-up at the company's Detroit headquarters was underway with several other senior positions under fire, including Ford's head of communications, Ray Day, who is set to be replaced by Mark Truby, currently the boss of communications for the Asia-Pacific region.

Ford Motor Company would not comment on the changes, releasing a short statement that read: "We are staying focused on our plan for creating value and profitable growth. We do not comment on speculation or rumours.”

UPDATE: This news has now been confirmed. See our latest coverage here.

Fields, Mark

Above: Outgoing Ford CEO, Mark Fields

Fields took over as CEO from Allan Mullally in 2014 and has since oversee a near-40 percent slump in share price and a lower-than-expected profit. It's believed shareholders and board members became dissatisfied with Fields' failure to expand the company's core business while also lagging behind in development of high-tech cars of the future.

Fields was heavily criticised two weeks ago during the company's annual shareholders' meeting.

While unofficial, an announcement from Ford Motor Company confirming the moves is expected Monday morning US time.

UPDATE: This news has now been confirmed. See our latest coverage here.