Ford Motor Company president and chief executive Alan Mulally will retire on July 1, and be replaced by current chief operating officer Mark Fields.
In a company statement, executive chairman Bill Ford said: “From the first day we discussed Ford’s transformation eight years ago, Alan and I agreed that developing the new generation of leaders and ensuring an orderly CEO succession were among our highest priorities.
"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 of as CEO. Alan and I feel strongly that Mark and the entire leadership team are absolutely ready to lead Ford forward, and now is the time to begin the transition.”
He went on to say, “Alan deservedly will be long remembered for engineering one of the most successful business turnarounds in history.
"Under Alan’s leadership, Ford not only survived the global economic crisis, it emerged as one of the world’s strongest auto companies. We always will be grateful to Alan for his leadership, compelling vision and for fostering a culture of working together that will serve our company for decades to come.”
Mulally has been at Ford for 25 years.