The Globe and Mail reports in its Tuesday, May 23, edition that General Motors' rival Ford Motor on Monday named James Hackett as chief executive officer, responding to unease about the automaker's stock price and ability to withstand threats from industry rivals and Silicon Valley. A Reuters dispatch to The Globe reports that Mr. Hackett, 62, who overhauled Steelcase and then turned around the ailing University of Michigan football program, has led the Ford unit for the past year, developing self-driving cars and related services. As part of a broader shakeup, he replaces Mark Fields, 56, who spent less than three years as CEO. Ford chairman Bill Ford Jr. said he wanted Mr. Hackett to speed up decision-making and attack costs, but did not offer many specifics. "The clock speed at which our competitors are working requires us to make decisions at a faster pace," Mr. Ford said. Mr. Ford and other descendants of company founder Henry Ford effectively control the automaker through a special class of shares, but many investors share his concern that the company is running out of time. At Friday's close, Ford shares are down 37 per cent from when Mr. Fields took over three years ago.