After eight years of leadership, CEO Alan Mulally of Ford Motors has announced his retirement effective July 1.This news punctuates an historic career during which, most recently, Mulally has been credited with transforming the auto juggernaut during the economic downturn that doomed other Detroit automakers.
COO Mark Fields will succeed Mulally, and Ford has publicly lauded the pragmatic, profit-proven career history he brings with him, having worked for the company since 1989, and leading a “turnaround” in the Americas, Asia, and Europe.
"Under Alan’s leadership, Ford not only survived the global economic crisis, it emerged as one of the world’s strongest auto companies," said Executive Chairman Bill Ford. "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."
Fields is "ready to lead our company into the future," Ford added.