Ford CEO Alan Mulally retires on July 1, Mark Fields to be successor
It has finally been confirmed after months of speculation, that Alan Mulally, 68, CEO at Ford for the past 8 years, will be retiring on July 1, 2014. His position is to be filled by Mark Fields, the companyâ€™s current Chief Operating Officer.
Fields, 53, has been with Ford for past 25 years and has worked under Mulally for years now. It has not yet been confirmed as to who will be taking Fields place as COO. Mulally has not yet decided what he is going to do next though it was widely reported that he was the top contender for the CEO spot at Microsoft late last year.
Mulally joined Ford in 2006 from Boeing where he headed its commercial aircraft business. He joined Ford at a time when the company was going through a troubled financial crunch and it was under Mulallyâ€™s tutelage that Ford was able to avoid bankruptcy, shed weaker brands such as Volvo, Land Rover and Mercury and revitalize their lineup. Ford has emerged stronger earning $7.2 billion in 2013 while also recapturing the No.2 position from Toyota in terms of US sales, and just behind General Motors which occupies the No.1 position as on date.
Mark Fields will be appointed President and CEO of Ford and will also be elected to the Companyâ€™s Board of Directors. He is noted for transforming several of Fordâ€™s operation across the globe during his past 25 years with the company and is now ready to take the reigns as its future CEO. For more information, scroll through the press release below.
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 companyâ€™s One Ford global transformation since September 2006
Mark Fields named Ford president and CEO, effective July 1; Fields served as COO since December 2012 and led Fordâ€™s transformation in North America since 2005
Long-planned, seamless CEO transition underscores strength of Fordâ€™s leadership team and succession planning process, Executive Chairman Bill Ford says
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 companyâ€™s board of directors.
â€śFrom the first day we discussed Fordâ€™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,â€ť Executive Chairman Bill Ford said. â€śMark 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.â€ť
Mulally, 68, is retiring after nearly eight years leading Ford and capping a remarkable 45-year career. Mulally has led Fordâ€™s transformation and strengthened its position as one of the worldâ€™s leading global automakers. Under Mulally and the companyâ€™s One Ford plan for profitable growth, Ford has achieved 19 consecutive quarters of profitability, developed the strongest product lineup in Fordâ€™s history and embarked upon the companyâ€™s most ambitious global expansion in the past half century.
â€śAlan deservedly will be long remembered for engineering one of the most successful business turnarounds in history,â€ť Bill Ford said. â€śUnder Alanâ€™s leadership, Ford not only survived the global economic crisis, it emerged as one of the worldâ€™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.â€ť
The transition in July is approximately six months earlier than previously anticipated, following Mulallyâ€™s recommendation to accelerate the timetable based on the readiness of Fordâ€™s leadership team.
â€śAlan 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,â€ť said Bill Ford, who recruited Mulally from Boeing in 2006.
Fields, 53, was named Fordâ€™s chief operating officer in December 2012. He has been leading all of Fordâ€™s global business operations and most skill teams, including product development, manufacturing, purchasing, and marketing, sales and service.
Fieldsâ€™ role as COO has included leading the companyâ€™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 Fordâ€™s global operations and enabling Fordâ€™s senior leadership to work closely together and act decisively on its plan.
Before serving as COO, Fields served as executive vice president and president â€“ The Americas since October 2005. There, he led the transformation of Fordâ€™s North American business â€“ 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 Fordâ€™s European operations and formerly held European luxury brands, as well as the relaunch of Fordâ€™s independent operations in Argentina and a major restructuring and product renaissance at Mazda.
Mulally thanked the Ford team for their many contributions and accomplishments.
â€śIt 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,â€ť Mulally said. â€śBy working together with all of our stakeholders around the world, we now are accelerating Henry Fordâ€™s original vision to open the highways to all mankind.
â€śFordâ€™s future is so bright, and Mark â€“ supported by an experienced and dedicated senior leadership team â€“ is absolutely the right leader to continue to deliver on our compelling vision,â€ť Mulally added.
Fields underscored his commitment to the One Ford plan, including building on the companyâ€™s unprecedented global introduction of new products, innovations and excellence.
â€śIt is a true honor to lead this great company and this talented team into the future,â€ť Fields said. â€śUnder Alanâ€™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 forward.â€ť