Ford names Fields to replace Mulally effective July 1

Comments Email
(Ford Motor Co. photos)
Mark Fields

From Crain News Service and wire reports

DETROIT (May 1, 2014) — Ford Motor Co. today named Mark Fields to replace Alan Mulally as CEO on July 1.

“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 succession were among our highest priorities,” Executive Chairman Bill Ford said in a statement.

“Now, Mark is ready to lead our company into the future as CEO.”

Mr. Fields, 53, emerged as Mr. Mulally’s likely successor when he was promoted to COO in December 2012. The 25-year veteran of Ford was tapped to become Ford’s No. 2 executive after leading the auto maker’s North American operations from deep losses to record profits.

The transition will bring an end to a storied chapter in Ford’s history.

Alan Mulally

Shortly after Mr. Mulally arrived from Boeing Co. in September 2006, he carried out a plan to borrow $23 billion to see the company through the rough times ahead. The loan allowed Ford to avoid the bailouts and bankruptcies that befell the predecessors of General Motors Co. and Chrysler Group L.L.C.

Ford has earned $42.3 billion in the last five years after losing $30.1 billion from 2006 through 2008. Last year, rising sales of Escape SUVs, F-Series pickups and Fusion sedans helped drive Ford’s pretax earnings in North America to a record $8.78 billion.

Ford’s first-quarter net income this year fell 39 percent, marking its weakest quarter since 2010.

Bloomberg contributed to this report, which appeared on the website of Automotive News, a Detroit-based sister publication of Tire Business.

More Polls>

TB Reader Poll

Previous | Published April 23, 2015

Do so-called “Religious Freedom” laws in place in some states impact how companies do business, and do you support them?

I support them and don’t think they have any effect on how I do business
51%
I don’t support them; they have a negative effect on businesses
5%
I think more research should be done about these laws’ impact before they’re enacted
16%
They’re horrible, an infringement on the rights of certain groups or individuals and shouldn’t be the law anywhere
28%

Explore the tire

Pirelli’s newest UHP tire – the P Zero™ All Season Plus