Ford is replacing its CEO with the exec who leads its self-driving car division

Mark Fields is out, according to the New York Times, and Jim Hackett is in at Ford. Fields is reportedly being shown the door “for failing to expand the company’s core auto business and for lagging in developing the high-tech cars of the future.” Hackett joined the company last year as the head of its “smart mobility” unit, which includes Ford’s self-driving car division. The switch is a clear sign that Ford sees autonomous vehicles as the future of the automotive industry and comes after Tesla recently surpassed Ford and GM in market capitalization.