This undated photo provided by Ford Motor Co. shows Jim Hackett, chairman of Ford Smart Mobility LLC, a subsidiary of Ford Motor Co. He was named to the position March 10, 2016. Ford is replacing its CEO amid questions about its current performance and future strategy, a person familiar with the situation has said. Mark Fields will be replaced by Hackett, who joined Ford’s board in 2013. (Ford Motor Co. via AP)
Jim Hackett, Ford's new CEO (Ford Motor Co. via AP)

Ford shifts gears, taps ‘visionary’ CEO

DEARBORN, Michigan — The job of Ford’s new CEO won’t be easy: He will have to shore up the 114-year-old company’s traditional auto business but also invest in self-driving cars and other projects that could one day make that business obsolete. Ford thinks Jim Hackett is up to the task. The 62-year-old former chief executive...

Latest business headlines

Australia and Peru to begin negotiating free trade agreement

CANBERRA, Australia (AP) — Australia plans to start negotiating a free trade deal with Peru as part of a new Australian push to open Latin American markets for beef, wheat and wine exports. Trade Minister Steven Ciobo and his Peruvian counterpart, Eduardo Ferreyros, planned to begin negotiations Wednesday, the Australian minister said. He said Australian...