Ford Motor Co.
) has announced that Chief Executive Officer (CEO) and President
Alan Mulally is retiring from the company on Jul 1, 2014 and
Chief Operating Officer (COO) Mark Fields will take over his
responsibilities. Fields will also be a part of the board of
While Ford's plan to replace Mulally with Fields has been in
circulation, it was believed that the succession will take place
by the end of the year as Mulally had previously said that he
plans to stay with the automaker till 2014-end. However, the
replacement is taking place sooner than expected as both the
outgoing CEO and the Executive Chairman Bill Ford believe that
the new leadership team is ready for the transition.
68-year old Mulally has been Ford's president and CEO since
Sep 5, 2006. He helped the automaker counter recessionary
impacts, avoid bankruptcy, develop a strong product portfolio and
eventually generate 19 consecutive quarters of profitability.
Prior to Ford, Mulally was part of
The Boeing Company
Toward 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
53-year old Fields has been a part of Ford for 25 years and
was appointed COO in Dec 2012. He is responsible for the global
business operations of the company besides handling its weekly
business plan review. He also leads skill teams for product
development, manufacturing, purchasing, and marketing, sales and
Before becoming COO, Fields was the executive vice president
and then president of The Americas business segment of Ford. He
has been responsible for making the North American business of
the automaker profitable.
Fields, along with Mulally, protected the company from going
General Motors Co.
) and Chrysler Group LLC during the recession. Before becoming
Ford's COO he also turned Japanese automaker Mazda, which was
controlled by Ford at that time, profitable. He is also
responsible for the relaunch of Ford's independent operations in
Argentina and for turning around the European business of the
Ford currently carries a Zacks Rank #3 (Hold).
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