Ford Motor Company is replacing its President and Chief Executive Officer Mark Fields, according to multiple media reports.

According to The Associated Press, “a person familiar with the situation says CEO Mark Fields is retiring at age 56 after 28 years at the company.”

Ford’s stock price has fallen nearly 40 percent since Fields took the reins of the company three years ago. Just last week, Ford announced it would cut its white-collar workforce by 10 percent in North America and Asia, as the auto industry in general faced new challenges.

As NPR’s Sonari Glinton has reported, “In many ways, the other shoe is dropping all over the automotive world. Toyota says profits will fall two years in a row. That’s a first for the 21st century. Volkswagen is likely to have more layoffs. And Ford is slashing jobs despite the fact that it’s the leading seller of trucks and SUVs when trucks and SUVs are booming.”

The auto manufacturer is expected to announce on Monday that Fields will be replaced by Jim Hackett, who currently oversees Ford’s efforts on autonomous vehicles as chairman of Ford Smart Mobility LLC. Hackett took that position in March, 2016, after serving three years on Ford’s board of directors. Previously, Hackett was chief executive of Steelcase, the office furniture company.

The ouster of Fields is part of a larger management shakeup at Ford, according to Forbes:

“Other executives will assume larger roles, including James Farley, president of Ford’s Europe, Middle East and Africa business, and Joseph Hinrichs, head of Ford North America, people familiar with the changes said.

“Also leaving the company is Ford’s group vice president of communications, Ray Day, who will be replaced by Mark Truby, vice president of communications for Ford’s Asia-Pacific operations.”

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