Ford Motor announced that its respected CEO Alan Mulally will remain "at least" through 2014 or longer, buying more time for the company to gauge potential successors.
Meanwhile, the board has promoted Mark Fields, Mulally's heir apparent, to the new position of chief operating officer (COO). The appointment further cements the Ford president of the Americas a chance to sit on the venerated chair that's being adorned by Mullay since 2006. Fields will be in charge of Ford's daily operations starting on Dec. 1.
The surprise announcement came at a conference call Thursday morning with Mulally and Executive Chairman Bill Ford who said that Alan Mulally will continue to serve as Ford president and CEO through at least 2014 or longer.
"Mulally will continue leading the long-term strategic development of the One Ford plan and its continuous improvement. Fields will be responsible for all business operations," the company said in a statement.
"Today marks an important next step in the profitable growth of the Ford Motor Company and the appointment of key leaders who will help us continue to make progress on our One Ford plan," Bill Ford said. "The strength of our people and stability of our team are competitive advantages for Ford. We are fortunate to have Alan's continued leadership as well as talented senior leaders throughout our company who are developing and working together and delivering on our plan."
The company has also announced several other changes. Joe Hinrichs, current group vice president and president of Asia Pacific Africa, has been named executive vice president and president of The Americas. Another executive, Stephen Odell is named executive vice president and president of Europe, Middle East and Africa. Odell is currently group vice president, chairman and CEO, Ford of Europe. Jim Farley is named executive vice president of Global Marketing, Sales and Service and Lincoln and David Schoch is named group vice president and president of Asia Pacific. John Lawler is elected a Ford Motor Company vice president and named chairman and CEO of Ford Motor China; Lawler is currently CFO, Ford Asia Pacific Africa.
