BREAKING: Former Steelcase CEO Jim Hackett to become CEO of Ford Motor

Ford Motor Co. has fired CEO Mark Fields and will replace him with James Hackett, head of the automaker’s Smart Mobility arm, as part of a broad management shakeup, according to reports by Forbes and other news organizations. 

An announcement will be made Monday, a source close to the situation told Forbes.

Ford would not confirm the reports, saying in a statement: "We are staying focused on our plan for creating value and profitable growth. We do not comment on speculation or rumors.”

Hackett, 62, former CEO of office furniture maker Steelcase, was on Ford’s board from 2013 until last year, when he took charge of Ford Smart Mobility.

Ford created that subsidiary last year to handle its investments in autonomous vehicles and new mobility services. Fields has been pouring billions into self-driving cars and ride-sharing experiments as its traditional car business has struggled in a slowing U.S. market.

Hackett served as CEO of Grand Rapids, Mich.-based furniture company Steelcase for nearly two decades before relinquishing the post in early 2014.

He was widely credited with overhauling the company's corporate culture, helping clients redesign their workspaces and taking the then-innovative approach of deemphasizing cubicles in favor of open work environments.

He made considerable cuts at Steelcase, but the moves helped place the company on a sustainable path. To ease the jolt, he met with laid-off employees to provide networking help, according to the Grand Rapids Press.

During a 16-month stretch as interim athletics director at his alma mater, the University of Michigan, his crowning achievement was hiring former Wolverine quarterback Jim Harbaugh as the Michigan football team's head coach. However, Harbaugh has yet to score a victory over Ohio State, raising concerns that he may eventually be replaced.

In other reported moves, Jim Farley, president of Ford’s Europe, Middle East and Africa business, will oversee Ford’s regions, global marketing and sales, and Lincoln Motor Co., The Detroit News reported. Joe Hinrichs, head of Ford North America, will manage global product development, manufacturing and labor affairs, purchasing, and environmental and safety engineering, The News said, citing anonymous sources.

Marcy Klevorn, vice president of information technology and chief technical officer, will take over Hackett’s role as chairman of Ford Smart Mobility, according to The News, which said the company finalized the decision in a Friday board meeting.

Forbes reported that Ray Day, Ford’s head of communications, will be replaced by Mark Truby, who currently heads Ford’s Asia Pacific communications.

Fields, 56, had been under pressure for the company’s lagging stock price and lower-than-expected profits so far this year.  Board members had recently reportedly questioned Fields’ strategy for the future of the company, which relies on heavy investments in driverless and electric vehicle technology. Since Fields took over as CEO from Alan Mullally in July 2014, Ford’s stock price has fallen nearly 40 percent.

Last week, Ford announced it would slash 1,400 salaried workers in North America and Asia as a cost-cutting move as it continues to spend on what it calls “emerging opportunities.” That type of move, normally reserved for distressed business units and economic downturns, came amid a relative boom time for the industry.

Before he was named CEO, Fields served in a number of positions, including COO and president of the Americas. During his time leading the Americas, Fields was the architect of Ford’s “Way Forward” plan to restructure the business as its profits disappeared during the last industry downturn. He also served as CEO of Mazda.

When he took over for Mulally in 2014, Fields inherited an automaker on the verge of posting record profits. He also oversaw the transformation of the profit-generating F-150 to include an aluminum body, as well as dozens of other product launches. Fields also appointed a separate president to head the Lincoln Motor Co. in an effort to revive the luxury brand.

Executives, including Chairman Bill Ford, praised Fields early on and said the transition between CEOs had been seamless.

But Fields came under fire in recent years as Wall Street remained unimpressed with Ford’s profits and plans for the future. At last year’s annual meeting, one shareholder even asked to bring back Mulally -- a popular figure who helped save the company during the financial crisis.