The news broke over the weekend, but today Ford has named Jim Hackett as its new president and CEO, while former CEO Mark Fields will retire after a 28 year career with the automaker. Jim Hackett has been the executive chairman of Ford Smart Mobility LLC since March 2016, but will take over for Fields, due to pressure from shareholders who are unhappy about Ford’s stock price and current strategy.

Reporting to Executive Chairman Bill Ford, Jim Hackett will lead Ford’s worldwide operations and 202,000 employees globally.

Ford, Jim Hackett, Bill Ford, Mark Fields, Ford CEO

“We’re moving from a position of strength to transform Ford for the future,” Bill Ford said. “Jim Hackett is the right CEO to lead Ford during this transformative period for the auto industry and the broader mobility space. He’s a true visionary who brings a unique, human-centered leadership approach to our culture, products and services that will unlock the potential of our people and our business.”

Related: Ford adds Apple CarPlay and Android Auto to 2016 models

Hackett and Bill Ford, will focus on three priorities:

Sharpening operational execution across the global business to further enhance quality, go-to-market strategy; product launch, while decisively addressing underperforming parts of the business
Modernizing Ford’s business, using new tools and techniques to unleash innovation, speed decision making and improve efficiency. This includes increasingly leveraging big data, artificial intelligence, advanced robotics, 3D printing and more
Transforming the company to meet future challenges, ensuring the company has the right culture, talent, strategic processes and nimbleness to succeed as society’s needs and consumer behavior change over time

“I am so excited to work with Bill Ford and the entire team to create an even more dynamic and vibrant Ford that improves people’s lives around the world, and creates value for all of our stakeholders, Jim Hackett stated. “I have developed a deep appreciation for Ford’s people, values and heritage during the past four years as part of the company and look forward to working together with everyone tied to Ford during this transformative period.”