A breaking report from BusinessInsider says that Ford Motor Company (NYSE:F) is naming Mark Fields as its new CEO. The firm, which is currently lead by Alan Mulally, has been looking for a new CEO since it was revealed that Mulally is set to retire in the coming months. The company told the media that Mulally would stay at the helm until the end of 2014, though that was in the midst of speculation that the executive would flee Ford for Microsoft Corporation.
Mark Fields is currently the Chief Operating Officer at Ford Motor Company (NYSE:F). The 42 year old was previously the head of the company’s Americas division. His achievements include substantial participation in The Way Forward, the Ford restructuring plan that was released in 2006.
Fields drives Ford turnaround
There is no telling what position Ford Motor Company (NYSE:F) would be in if it had not declared itself to be in crisis in 2006. The company admitted its failings almost ten years ago, and set about reversing them. The firm’s efforts, which were led, according to reports, by Mark Fields, caused a massive increase in value after years of shareholder losses.
Ford Motor Company (NYSE:F) ensured that it had less expensive offerings with greater fuel efficiency for motorists surprised by price spikes at the pump. The company also overhauled its costs, and cut staff leading to a more efficient company that could turn huge sales into appreciable profit. Ford managed to earn $1.62 per share in 2013.
Fields has been hanging around Ford Motor Company longer than most of his colleagues in the C-suite. His tenure at the company began around 25 years ago, and he has worked his way through the company’s ranks ever since. In contrast, current CEO Alan Mulally, who brought the firm out of its darkest days, joined the firm in 2006 after departing Boeing.
Mulally jumps Ford ship
It has long been known that Alan Mulally was looking to leave Ford Motor Company (NYSE:F), and the executive has had to assuage investors concerns about the imminence of his departure in the past. When the Microsoft Corporation (NASDAQ:MSFT) board was looking to replace Steve Ballmer as head of its business, it became clear the Mr. Mulally as a prime candidate. During the search Ford Motor Company (NYSE:F) said that the executive would stay at the firm through 2014.
If the BusinessInsider report about his replacement is supported in fact, the CEO may actually leave the company by May 1. The company is apparently close to making an official announcement about the replacement. If that is borne out, the company may announce the replacement after the market closes this afternoon. As soon as an announcement emerges, market reaction will be interesting to watch. The company was flat on the rumors this afternoon.