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MARKETS LIVE BLOG:

S&P 500, NASDAQ NOTCH BIG WINS WITH TESLA EARNINGS ON DECK

Tech-focused investors prepare for fresh wave of earnings highlighted by struggling Tesla

Ford confirms it is ousting CEO, naming new chief executive

Reuters
New Ford CEO Jim Hackett. REUTERS/Courtesy Ford Motor Compnay

WASHINGTON (Reuters) - Ford Motor Co confirmed Monday it is ousting its chief executive Mark Fields and replacing him with the head of the company's unit overseeing self-driving car efforts.

Jim Hackett, 62, a former chief executive of Steelcase Inc who is chairman of Ford Smart Mobility LLC, will take over at the No. 2 U.S. automaker, the company confirmed. Ford also announced a new management structure and named three executives to new positions.

(Reporting by David Shepardson; Editing by Chizu Nomiyama)