Ford Operating Chief Mark Fields to Become CEO -- Update

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 Ford spokeswoman 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 U.S. rivals in 2009.

He 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.

Mr. Fields is a New Jersey native who attended Rutgers University.

For his part, 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 a major turnaround while avoiding the bankruptcy restructurings that befell its closest rivals, General Motors Co. and Chrysler Group LLC. 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.

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