Ford announces new CEO

Ford Motor Co. announced on its website Thursday that Mark Fields will succeed Alan Mulally to become Ford president and chief executive officer. Alan Mulally, 68, has decided to retire from Ford on July 1, 2014, after serving as president and CEO and leading the company's One Ford global transformation since September 2006. Fields, 53, was named Ford's chief operating officer in December 2012. He has been leading all of Ford's global business operations and most skill teams, including product development, manufacturing, purchasing, and marketing, sales and service. Fields said he would continue following the "One Ford" plan established by Mulally. Under the plan, Ford has achieved 19 consecutive quarters of profitability, developed the strongest product lineup in Ford's history and embarked upon the company's most ambitious global expansion in the past half century. Ford Executive Chairman Bill Ford spoke highly of Fields, saying "Mark has transformed several of our operations around the world into much stronger businesses during his 25 years at Ford."