A major management change at the Ford Motor Company.
After 28 years with Ford, Mark Fields is out as CEO of the automaker.
Jim Hackett is taking his place, he's the former CEO of office furniture company Steelcase.
Ford's Executive Chairman Bill Ford Jr. says Hackett helped keep Steelcase at the top of its game.
"Jim can be successful and operate in multi-environments. By the way, he also got them through '08 and '09, which in the furniture business, was tougher even than the auto business. So it shows his operating acumen as well as his visionary thinking."
Ford Jr. says he's looking forward to working with Hackett.
"He's really a proven transformational leader. He's a visionary thinker. He and I think very much alike and we've always clicked in terms of thinking about the future. What he can do is integrate future thinking into an operation."
He says Hackett's holistic approach is what the company needs.
"The culture of caring about each other, the culture of caring about the company, the culture of ideas flowing freely without regard to hierarchy. So when I think about Jim and what he can and will deliver for us, it's a lot."
Ford's new CEO Jim Hackett (Photo courtesy of Ford Motor Company via Twitter)
Before being promoted to CEO, Hackett was heading up Ford's self-driving vehicle division.
In other moves, Jim Farley will become Executive Vice President and President of Global Markets, while Joe Hinrichs has been named Executive Vice President and President of Global Operations.
Marcy Klevorn will take over for Hackett as President of Mobility.