Ford is to replace its chief executive Mark Fields as the automaker comes under pressure from shareholders to improve performance.
Fields has come under criticism from shareholders amid concerns that Ford is falling behind rivals such as General Motors and Tesla.
According to the New York Times, Ford will make the announcement later today, naming Jim Hackett as Fields´ successor. Hackett is currently boss of Ford´s driverless technology unit.
Given Hackett´s current role, the appointment could indicate that Ford intends to place more emphasis on emerging technology as it comes under increasing competition from fast-growing names such as Tesla.
While Ford has heavily invested in electric vehicle and driverless car technology, Tesla appears to have stolen a march on the Detroit-based giant. The upstart is on the verge of launching a mass-market electric car with autonomous capability this summer.
Ford´s first quarter earnings fell 35% to $ 1.6bn with the automaker impacted by higher recall costs, a modest decline in market share and less favourable pricing.
Last week the company announced it would cut 1400 jobs as part of cost-cutting measures. Ford shares are down by around 10% year-to-date.