Ford Motor Company named Mark Fields, the current Chief Operating Officer, to replace Alan Mulally as Chief Executive Officer. The transition will take place when Mulally retires on July 1. Fields, a career Blue Oval veteran, had been CEO of Mazda Motor Corporation when Ford held a controlling interest and subsequently served as executive vice president and president - The Americas since October 2005. He assumed his current post in December 2012. In addition to being Ford's new CEO, Fields will be named company president and be given a spot on the board of directors.
"From the first day we discussed Ford's transformation eight years ago, Alan and I agreed that developing the next generation of leaders and ensuring an orderly CEO succession were among our highest priorities," Executive Chairman Bill Ford said. "Mark has transformed several of our operations around the world into much stronger businesses during his 25 years at Ford. Mark is ready to lead our company into the future as CEO."
Mulally, who was personally recruited from Boeing in 2006 by Bill Ford, is recognized as the driving force behind the automaker's successful turnaround efforts. "Under Alan's leadership, Ford not only survived the global economic crisis, it emerged as one of the world's strongest auto companies," Ford said. "We always will be grateful to Alan for his leadership, compelling vision and for fostering a culture of working together that will serve our company for decades to come."
Although he'd earlier announced plans to step down at year's end, Mulally recommended the transfer of power be moved forward by six months based on "the readiness of Ford's leadership team." Mulally also will resign his position as a company director upon retiring.
More Ford News...
Popular at KBB.com