Ford Motor Co. will soon name Mark Fields its next chief executive officer and reveal when current CEO Alan Mulally will retire from the company he is credited with saving, Keith Naughton reports on Bloomberg.
Citing two people familiar with the pending announcement, Naughton writes Mulally, 68, will step down before the end of the year and be succeeded by Fields, 53, now chief operating officer.
Ford may announce the moves as soon as May 1, the sources told Naughton.
The transition will bring an end to a storied chapter in Ford’s history, in which the automaker narrowly avoided bankruptcy thanks to Mulally’s management and a bet-the-business $23 billion loan. Mulally signed off on the loan shortly after arriving from Boeing Co. in 2006 and turned around the automaker by slashing costs and overhauling its lineup with stylish, fuel-efficient models that have won over a new generation of drivers.
