Bob Lutz always has something to say, and quite frankly, he’s earned it. The 85-year-old has seen the insides of Chrysler, Ford and General Motors.
Lutz recently discussed the ousting of former Ford CEO Mark Fields, and as always, Lutz served up his opinion.
“We’re in a period of very rapid change,” the 85-year-old businessman said, according to Ford Authority. “Like it or not, the public and Wall Street have decided the days of the conventional auto industry are about over. If the CEO isn’t out there convincing the world they’re about to revolutionize transportation, the stock is going to stay where it is.”
Fields’ approach and ways of working would have made him an excellent choice two decades ago, Lutz added.
“Mark Fields would have been an ideal CEO 15 or 20 years ago,” he said. “Lots of company experience, knows how to work the system, has a proven track record of getting things done, looks good, sounds good, etc. The trouble is, that won’t do it anymore.”
Of course, Lutz is likely referring to Tesla CEO, Elon Musk. Musk has done a tremendous job of drumming up support for his vision. Tesla’s market capitalization surpassed both Ford and General Motors this year.
GM has had its own stock troubles, too. Share prices have stayed relatively stagnant since the automaker’s IPO, though shareholders did reject a proposal to split GM stock into two tiers recently. GM CEO Mary Barra is adamant the automaker’s current strategy will unlock its potential on Wall Street eventually.