Ford Names Mark Fields As Next CEO
Ford will announce Mulally's departure date as soon as May 1.
Fields, 53, is the current Chief Operating Officer for Ford and was largely responsible for the automaker's "The Way Forward" restructuring plan to reduce fixed capital costs, dropping unprofitable and inefficient models and consolidating production lines, as well shutting down several factories and assembly plants.
Fields has been tasked with running the day-to-day operations of Ford for the past few months while Mulally, 68, has concentrated on longer-term issues, giving Wall Street a chance to become comfortable with Fields ability to lead the automaker.
News of Fields promotion should not come as a surprise as Bloomberg speculated in 2012 that Fields would succeed Mulally as part of the company's succession plan.
Fields holds a Bachelor's degree in Economics from Rutgers University and an MBA from Harvard. He joined Ford in 1989.
In 1998, Fields was tasked to be in charge of Mazda Motor, of which Ford owned a 33.3 percent stake at the time. In 2002, Fields moved on to become chairman of Ford's Premier Automotive Group which consisted of Ford's luxury vehicle lineup.
Fields was named as the business unit chief of Ford's Americas operation in 2006 before being promoted to COO in 2012.
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