"He’s a true visionary who brings a unique, human-cantered leadership approach to our culture, products and services that will unlock the potential of our people and our business," Company Executive Chairman Bill Ford was quoted in a statement as saying.
Formally in charge of the Blue Oval's Smart Mobility division and of the aforementioned furniture company based in Grand Rapids, Michigan, the 62-year olds' appointment comes after Fields, who according to Ford opted to retire after 28 years at the company, was ousted following a 40% slump in share prices and overall decline in sales during his term in charge.
According to the company, Hackett will report directly Ford with the main focus areas expected to be discussed, consisting of business modernising, meeting future challenges, improving product quality and addressing underperforming parts of the business.
Despite his tenure having been marred by disaffection from shareholders since taking over from Alan Mulally in 2014, Ford went to describe Fields as "an outstanding leader [who] deserves a lot of credit for all he has accomplished in his many roles around the globe at Ford".
"His strong leadership was critical to our North American restructuring, our turnaround at the end of the last decade, and our record profits in the past two years," Ford said.
Aside from the shake-up at the top, Ford also announced that its President of Europe, Middle East and Africa operations, Jim Farley, had been appointed Executive Vice-President and President of Global Markets, while Head of Ford North America, Joseph Hinrichs, assumes the position of Executive Vice-President and President of Global Operations.
Former Ford Asia-Pacific Vice-President of Communications, Mark Truby, meanwhile replaces Ray Day as Group Vice-President of Communications, while Mercy Klevron takes over from Hackett as Executive Vice-President and President of Ford Mobility LLC.