Ford Motor Co.
) will make the official announcement of the promotion of Chief
Operating Officer (COO) Mark Fields to the position of Chief
Executive Officer (CEO) as early as the beginning of May,
according to media reports. While it has been known for some time
that Fields will succeed Alan Mulally when the latter steps down
as the CEO, Ford had never made any official announcement related
68-year old Mulally has been Ford's president and CEO since
Sep 5, 2006. He helped the automaker counter recessionary
impacts, avoid bankruptcy and eventually generate higher profits.
Prior to Ford, Mulally was part of
The Boeing Company
Towards the end of last year, rumors surfaced that he would
become the next CEO of
) following the departure of Steve Ballmer. However, these rumors
were put to rest earlier this year, when Satya Nadella was named
as the successor. Moreover, Mulally made it clear that he intends
to stay with Ford at least till 2014-end.
53-year old Fields has been Ford's COO since Dec 2012. He is
responsible for the daily operations of the company besides
handling its weekly business plan review.
Fields has been responsible for making the North and South
American businesses of Ford profitable. He, along with Mulally,
protected the company from going bankrupt like
General Motors Company
) and Chrysler Group LLC during the recession. Before becoming
Ford's COO he also turned Japanese automaker Mazda profitable.
Mazda was controlled by Ford at that time.
Ford will report its first-quarter earnings before the market
opens on Apr 25, 2014. The Zacks Consensus Estimate for the
automaker's first-quarter earnings is pegged at 31 cents per
share, down 23.7% year over year.
Ford currently carries a Zacks Rank #3 (Hold).
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