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 company’s current Chief Operating Officer.

Alan Mulally Ford President to retireFields, 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 Mulally’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 Company’s Board of Directors. He is noted for transforming several of Ford’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 president, present and future