Ford Motor’s board is expected to announce Monday that it has ousted CEO Mark Fields, according to multiple reports late Sunday night.

Former Steelcase CEO Jim Hackett, head of the company’s “mobility” division and a favourite of Ford executive chairman Bill Ford Jr., will become CEO, according to a report first published in Forbes and then in the New York Times.

The shakeup comes after the board grew impatient at the company’s lagging stock price.

Even a round of global layoffs of 1,400 salaried workers announced last week failed to boost shares.

The company representatives did not respond to multiple requests for confirmation late Sunday night.

But the company said a brief statement that “we are staying focused on our plan for creating value and profitable growth” and “we do not comment on speculation or rumours.”

The move puts an abrupt end to a nearly three-year tenure at the top for Fields, who got the job after celebrated CEO Alan Mulally retired from full-time corporate leadership.