Ford Says Alan Mulally To Retire, Mark Fields To Be New CEO

(RTTNews) - Automaker Ford Motor Co. (F) Thursday said its president and chief executive officer Alan Mulally has decided to retire from the company on July 1. He will be succeeded by Mark Fields, the chief operating officer since December 2012, who will be elected as a member of the company's board of directors.

Mulally, 68, is retiring after leading the automaker for nearly eight years, and capping a 45-year career. He has led Ford's transformation and strengthened its position as one of the world's leading global automakers.

Executive Chairman Bill Ford said, ''Alan deservedly will be long remembered for engineering one of the most successful business turnarounds in history. Under Alan's leadership, Ford not only survived the global economic crisis, it emerged as one of the world's strongest auto companies."

Under Mulally and the company's One Ford plan for profitable growth, Ford achieved 19 consecutive quarters of profitability and developed the strongest product lineup in its history. The firm also embarked upon its most ambitious global expansion in the past half century.

The transition in July is around six months earlier than previously expected, following Mulally's recommendation to accelerate the timetable based on the readiness of Ford's leadership team.

Mulally said,'' It has been an honor to serve and contribute to creating a viable, profitably growing company for the good of everyone associated with the Ford Motor Company. By working together with all of our stakeholders around the world, we now are accelerating Henry Ford's original vision to open the highways to all mankind.''

Fields, 53, was named Ford's chief operating officer in December 2012. He has been leading the company's global business operations and most skill teams, including product development, manufacturing, purchasing, and marketing, sales and service.

Before serving as COO, Fields served as executive vice president and president - The Americas since October 2005. He led the transformation of Ford's North American business, turning it from record losses several years ago to record profits in each of the last four years.

Earlier, Fields guided the product-led transformation of Ford's European operations and formerly held European luxury brands, as well as the relaunch of Ford's independent operations in Argentina as well as a major restructuring and product renaissance at Mazda.

Ford shares, which closed at $16.15 on Wednesday, are down 0.5 percent in pre-market trading.