Ford names Mark Fields new CEO, Alan Mulally retiring

The Ford Motor Company announced today that it will have a new president and CEO starting on July 1. Mark Fields will be taking over for Alan Mulally, who is retiring.

Mulally, 68, has lead the company for eight years as part of his 45-year career in business. He helped Ford stay a worldwide leader in the auto industry. Ford was recruited from Boeing in 2006.

“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. “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.”

Fields, 53, became Ford’s chief operating officer in December 2012. He was previously executive vice president and president for Ford’s North American operations.

“t 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 Thursday. “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.”

According to Businessweek, this might not be Mulally’s last job, as he is looking to take a role at a corporation. Sources told the site that he would be interested in being a board director or chairman.

Ford began its successful turnaround when Mulally came in, earning $42.3 billion in the past five years. The company’s products are now outselling Toyota in China.

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