Ford Motor Co.'s board of directors is due to meet on Thursday. The Ford Motor Co.'s board will probably discuss the most pressing issue facing the American car maker - the retirement of Chief Executive Officer Alan Mulally. The Ford Motor Co.'s board is to consider CEO succession plan. As it was stated by a source familiar with the situation, Ford Motor Co.'s directors are preparing to promote Mark Fields to chief operating officer from president of the Americas. The promotion will make Mark Fields a probable successor to CEO Alan Mulally.
Mark Fields to be name Ford's COO
According to a person familiar with company's plans, Ford Motor Co.'s directors are to promote Mark Fields to chief operating officer. The promotion would make Mark Fields a probable successor to CEO Alan Mulally who is said to retire at the end of 2013, at least that is the Ford's CEO succession plan. Yet the Mark Fields' promotion will be voted this month or next month. Certainly Mark Fields' nomination will place him in line to take over from Alan Mulally, aged 67. As it has been stated by analysts, simply moving him to the No. 2 position in Ford Motor Co. would be a signal that he is next in the line.
Mark Fields has been working for the car maker for 23 years. He is said to have been responsible for helping lead transformation of Ford Motor Co.'s North American operations from a record losses four years ago to records profits in 2012. And as such the promotion of Mark Fields would be a natural move; however the company did mention neither his name nor the name of current CEO Alan Mulally in a statement published on Tuesday. Yet the statement included the information on a possible executive succession at Ford Motor Co.
Alan Mulally, CEO - Ford Motor Co.
Joe Hinrichs and Jim Farley are said to possibly replace Mark Fields in the Americas. Both of them are said also to be taken into consideration while finding a person who will succeed Alan Mulally. Joe Hinrichs, 45, is chief of Ford's Asian operation. In addition, Jim Farley is global marketing chief at Ford Motor Co.
Mulally to retire in 2013
A spokesman for Ford Motor Co. decline to comment on the information regarding the possible retirement of the company's CEO Alan Mulally. As it was stated by him, the car maker did not speculate on personnel decisions. Alan Mulally, however, is expected to retire by the end of 2013 and experts anticipate that Mark Field will be his successor.
Alan Mulally joined Ford Motor Co. in 2006 after working for Boeing Co., the world-known airplane producer. He is believed to be the one who saved Ford Motor Co. from bankruptcy. He had a $23 billion loan and a plan "One Ford" which was aimed at unifying disconnected businesses units and cutting company's costs.
Thus, Alan Mulally is indentified with Ford Motor Co.'s success! As a consequence finding a proper successor to CEO Alan Mulally is crucial for the American car maker. However Ray Day, Ford Motor Co.'s vice president of communication, stated: "Ford Motor Company takes succession planning very seriously, and we have succession plans in place for each of our key leadership positions. For obvious competitive reasons, we do not discuss our specific succession plans externally."