Meet James Hackett, the New Ford CEO

Popular carmaker, Ford Motor Co (F.N) has named James Hackett as Chief Executive, in response to investors’ growing unease about the US automaker’s slumping stock price and its ability to counter threats from longtime rivals and Silicon Valley.

Ford Chairman Bill Ford Jr., whose family effectively controls the US No. 2 automaker, said he wanted Hackett to speed up decision-making and cut costs, but did not offer specifics on how the new CEO should change operations.

“The clock speed at which our competitors are working …requires us to make decisions at a faster pace,” said Ford Jr., who plans to take a more active role at the company, according to a person briefed on the matter.

Hackett a 62 year old, known as a turnaround expert who for the past year has led the Ford unit developing self-driving cars and related projects, replaces Mark Fields, 56, who spent less than three years as CEO.