We've heard rumblings of a changing of the guard at Ford, and this
live stream from The Blue Oval itself confirms the rumors: Alan
Mulally will be succeeded by the automaker's current Chief Operating
Officer, Mark Fields.
Ford Announces Alan Mulally Retiring on July 1; Mark Fields Named
Company President and CEO
· Alan Mulally to retire from Ford on July 1, after serving as
president and CEO and
leading the company's One Ford global transformation since September
· Mark Fields named Ford president and CEO, effective July 1;
Fields served as COO
since December 2012 and led Ford's transformation in North America
· Long-planned, seamless CEO transition underscores strength of
team and succession planning process, Executive Chairman Bill Ford
DEARBORN, Mich., May 1, 2014 Ford Motor Company [NYSE: F] announced
today that Alan
Mulally has decided to retire from the company July 1 and Mark Fields
will be named Ford
president and chief executive officer and elected as a member of the
company's board of
"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
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.
Now, Mark is ready to lead our company into the future as CEO."
Mulally, 68, is retiring after nearly eight years leading Ford and
capping a remarkable 45-year
career. Mulally has led Ford's transformation and strengthened its
position as one of the world's
leading global automakers. Under Mulally and the company's One Ford
plan for profitable
growth, Ford has achieved 19 consecutive quarters of profitability,
developed the strongest
product lineup in Ford's history and embarked upon the company's most
expansion in the past half century.
"Alan deservedly will be long remembered for engineering one of
the most successful business
turnarounds in history," Bill Ford said. "Under Alan's
leadership, Ford not only survived the
global economic crisis, it emerged as one of the world's strongest
auto companies. 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."
The transition in July is approximately six months earlier than
previously anticipated, following
Mulally's recommendation to accelerate the timetable based on the
readiness of Ford's
"Alan and I feel strongly that Mark and the entire leadership
team are absolutely ready to lead
Ford forward, and now is the time to begin the transition," said
Bill Ford, who recruited Mulally
from Boeing in 2006.
Fields, 53, was named Ford's chief operating officer in December 2012.
He has been leading all
of Ford's global business operations and most skill teams, including
manufacturing, purchasing, and marketing, sales and service.
Fields' role as COO has included leading the company's weekly Business
Plan Review meeting,
which Mulally established to track the progress of the One Ford plan
and to monitor the global
business and competitive environment. The Thursday meetings are
credited with driving a
reliable and transparent process for running Ford's global operations
and enabling Ford's senior
leadership to work closely together and act decisively on its plan.
Before serving as COO, Fields served as executive vice president and
Americas since October 2005. There, 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
operations in Argentina and a major restructuring and product
renaissance at Mazda.
Mulally thanked the Ford team for their many contributions and
"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,"
Mulally said. "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.
"Ford's future is so bright, and Mark supported by an
experienced and dedicated senior
leadership team is absolutely the right leader to continue to
deliver on our compelling vision,"
Fields underscored his commitment to the One Ford plan, including
building on the company's
unprecedented global introduction of new products, innovations and
"It is a true honor to lead this great company and this talented
team into the future," Fields said.
"Under Alan's leadership, we have seen the power of One Ford and
what a culture of positive
leadership and working together can accomplish. My commitment is to
build on that success by
accelerating our pace of progress. All of us at Ford are committed to
delivering even more of the
great products and innovations that will deliver growth and define our
company going forwar
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