Mark Fields to be the new CEO of Ford Motor Company

Ford Motor Company has officially announced that Alan Mulally will be replaced by Mark Fields from July 1 this year. Alan has decided to retire from the company and Mark Fields will be named Ford president and Chief Executive Officer and is elected as a member of the company’s board of directors.

Executive Chairman Bill Ford said “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”. “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. Under Mulally and the company’s One Ford plan for profitable growth, Ford has achieved 19 consecutive quarters of profitability. Among many other achievements, Mulally negotiated four new agreements with United Auto Workers, which lead labor costs down from $76/hour to $55/hour. He even presided over the sale of Jaguar Cars and Land Rover to Tata Motors. Under the leadership of Mulally, Ford was the Detroit’s only manufacturer who did not ask for the government bailout in the automotive industry crisis of 2008–2009. Ford chairman William Clay Ford, who hired Mulally, said that "Alan was the right choice and it gets more right every day".

Mark Field, 53 is currently the Chief Operating Officer at Ford and has worked for more than 25 years in Ford Motor Company. His area of expertise lies in the product development, manufacturing, purchasing, marketing, sales and service. Before becoming COO, Mark worked as the executive vice president and president – The Americas since October 2005 where he managed the Ford North American business. He helped the company to earn profit from the record loss of several years. "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.

“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 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,” Mulally added.