Ford COO Mark Fields to become CEO
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Ford COO Mark Fields to become CEO
Hot off the (speculation) press:
Ford COO Mark Fields to become CEO
April 21, 2014, 6:24 p.m. EDT
By Mike Ramsey
Ford Motor Co. Chief Executive Alan Mulally likely will retire before the end of the year and Chief Operating Officer Mark Fields is set to replace him, a person familiar with the matter said.
Mr. Mulally, who is 68 years old, previously has said he would stay through at least 2014, and Mr. Fields has widely been seen as his likely successor, even before his promotion to operating chief in late 2012.
Bloomberg News reported earlier that the announcement may come by May 1.
A spokeswoman for Ford, the second-largest U.S. auto maker by revenue, said the company can’t comment on speculation.
Before becoming operating chief, Mr. Fields was the head of Ford’s North and South American business. He led the company’s North American downsizing, which included closing plants and cutting more than 39,000 employees, and is credited with helping the company avoid the bankruptcy restructurings that befell its closest rivals, General Motors Co. and Chrysler Group LLC.
Mr. Fields previously ran Ford’s European operations and ran its luxury autos group, which included Volvo, Jaguar and Land Rover. Before that, he had been president of Mazda Motor Co.
He is a New Jersey native who attended Rutgers University.
In Ford, Mr. Fields will inherit a company that delivered one of its best performances ever in 2013 but has cautioned that this year will prove tougher as it expects profits to decline on new product launches and stiffer competition.
Under Mr. Mulally, Ford rapidly expanded sales in Asia, where it is aggressively expanding production, and the company’s North American business last year generated its best pretax profit since 2000.
Mr. Mulally, who joined Ford in September 2006 from Boeing Co, is among the most highly respected CEOs in any industry, having guided Ford through its major turnaround while avoiding the bankruptcy restructurings that befell . He ended speculation in January that he would leave the auto maker for Microsoft Corp., which had considered him for the chief executive spot being vacated by Steve Ballmer.
Mr. Mulally has been among the best paid auto executives in recent years. He has earned $73.7 million in compensation, mostly in stock, over the past three years.
Write to Mike Ramsey at michael.ramsey@wsj.com
http://www.marketwatch.com/story/for...ceo-2014-04-21
Ford COO Mark Fields to become CEO
April 21, 2014, 6:24 p.m. EDT
By Mike Ramsey
Ford Motor Co. Chief Executive Alan Mulally likely will retire before the end of the year and Chief Operating Officer Mark Fields is set to replace him, a person familiar with the matter said.
Mr. Mulally, who is 68 years old, previously has said he would stay through at least 2014, and Mr. Fields has widely been seen as his likely successor, even before his promotion to operating chief in late 2012.
Bloomberg News reported earlier that the announcement may come by May 1.
A spokeswoman for Ford, the second-largest U.S. auto maker by revenue, said the company can’t comment on speculation.
Before becoming operating chief, Mr. Fields was the head of Ford’s North and South American business. He led the company’s North American downsizing, which included closing plants and cutting more than 39,000 employees, and is credited with helping the company avoid the bankruptcy restructurings that befell its closest rivals, General Motors Co. and Chrysler Group LLC.
Mr. Fields previously ran Ford’s European operations and ran its luxury autos group, which included Volvo, Jaguar and Land Rover. Before that, he had been president of Mazda Motor Co.
He is a New Jersey native who attended Rutgers University.
In Ford, Mr. Fields will inherit a company that delivered one of its best performances ever in 2013 but has cautioned that this year will prove tougher as it expects profits to decline on new product launches and stiffer competition.
Under Mr. Mulally, Ford rapidly expanded sales in Asia, where it is aggressively expanding production, and the company’s North American business last year generated its best pretax profit since 2000.
Mr. Mulally, who joined Ford in September 2006 from Boeing Co, is among the most highly respected CEOs in any industry, having guided Ford through its major turnaround while avoiding the bankruptcy restructurings that befell . He ended speculation in January that he would leave the auto maker for Microsoft Corp., which had considered him for the chief executive spot being vacated by Steve Ballmer.
Mr. Mulally has been among the best paid auto executives in recent years. He has earned $73.7 million in compensation, mostly in stock, over the past three years.
Write to Mike Ramsey at michael.ramsey@wsj.com
http://www.marketwatch.com/story/for...ceo-2014-04-21
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