Ford Motor Company will soon welcome a new CEO.
According to USA Today, Mark Fields will take over for Alan Mulally in July. Fields is currently the company's chief operating officer.
Ford's executive chairman said Fields is ready to lead the company based on the work he has already done to change its many global sectors.
"From the first day we discussed Ford's transformation eight years ago, Alan and I agreed that developing the next generation of leaders and ensuring an orderly CEO succession were among our highest priorities," Bill Ford said in a statement. "Mark has transformed several of our operations around the world into much stronger businesses during his 25 years at Ford. Now, Mark is ready to lead our company into the future as CEO."
Ford said Mulally has accomplished a lot for the company during his eight year tenure.
"Mulally, 68, is retiring after nearly eight years leading Ford and capping a remarkable 45-year career. Mulally has led Ford's transformation and strengthened its position as one of the world's leading global automakers," Ford said in the statement.
"Under Mulally and the company's One Ford plan for profitable growth, 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."
Mulally said he is looking forward to his new found freedom.
"Retirement sounds a little bit good," Mulally told fellow employees at Ford's headquarters in Dearborn, Mich.
Ford said he is proud of the accomplishments he and Mullaly made over the past few years.
"Here we are, eight years later, and we did it," Ford told attendees at the event.
"We did it," Mulally echoed.
Mulally came to Ford from Boeing in 2006
