Investing.com -- International Business Machines (N:IBM) announced that its Board of Directors elected Ford Motor Company (N:F) CEO Mark Fields to its board on Tuesday in a move that will be effective on March 1.
Fields, 55, briefly worked at IBM in its sales and marketing department at the start of his career, after earning an economics degree from Rutgers. Fields, who joined Ford in 1989, spent three years as the president of the Mazda Motor Company from 2000 to 2002, where he led the division through a significant transition period. During the period, Fields was named a Global Leader of Tomorrow by the World Economic Forum in 2000 and CNBC's Asia Business Leader, Innovator of the Year for 2001.
By 2005, Fields was promoted to Ford's executive vice president and president of The Americas division, where he oversaw the development, manufacturing, marketing and sales of the Ford and Lincoln lines for the company in the U.S., Canada, Mexico and South America. Fields became the company's Chief Operating Officer in 2012, where he spent two years before he was named its CEO on July 1, 2014.
“We are pleased that Mark will be joining the IBM board of directors. Mark led the highly successful transformation of his company in a competitive industry where technology has driven innovation," IBM CEO Ginni Rometty said in a statement. "He is leading Ford into a future where cars are not only vehicles, but increasingly becoming mobile technology platforms. His knowledge and insights in running a complex global business will make a significant contribution to IBM.”
In addition, IBM announced on Tuesday that two longtime board members Alain J.P. Belda and William Brody will not stand for re-election at the company's annual shareholders meeting in April. Last week, IBM announced disappointing earnings for the fourth quarter of 2015, as its operating income from continuing operations fell by 19% to $4.5 billion, amid severe currency headwinds. Shares in IBM gained 0.52 or 0.43% to 122.60 in after-hours trading.
Also on Tuesday, Ford announced that it is expanding its safety recall on vehicles that have certain Takata airbags after the Japan automotive parts company ruled more than 5 million airbag inflators defective on Tuesday. The recall affects North American built Ford Rangers from 2004-2006.
Ford shares gained 0.01 or 0.08% to 12.25 in after-hours.