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Ford CEO to retire in July; Fields takes up the new poisiton

May 2 2014, 3:33am CDT | by , in News | Other Stuff

Ford CEO to retire in July; Fields takes up the new poisiton
Photo Credits: getty images
 
 

Mulallay's stock holdings in the company have been valued at a whopping figure of $300 million

Ford CEO Alan Mulally is finally going to bid farewell to the company as he retires on the 1st of July. The current COO, a long-time Ford executive Mark Fields, is going to replace him as the new CEO of Ford Motor. This comes as no surprise to anyone in the organization because ever since Fields has been promoted as the COO, it was quite clear that he would be the next heir. The auto industry is normally contentious but surprisingly this year has shown transitions which are more peaceful and straightforward. One similar event took place for the General Motors this year when eteran Mary Barra replaced Dan Akerson as CEO in a planned move.

According to what Fields has said, there would be executive changes so far and he is currently not planning to name a new COO as he said “The structure's just right now." Mulally, 68, on the other hand is not only stepping down from his position as the CEO Ford but he is also retiring from the Ford board and he might want a break for himself since he has no plans to work anywhere at the moment. Retirement sounds a little bit good," he said at a "town hall" meeting of employees at Ford's Dearborn headquarters, where the change was announced. His stock holdings in the company have been valued at a whopping figure of $300 million and with such money at hand he surely doesn’t need to work anywhere else.

Ford has announced that the “ retirement is approximately six months earlier than previously anticipated, following Mulally's recommendation to accelerate the timetable based on the readiness of Ford's leadership team."

Wall Street had known Fields for over a year but they weren’t so enthusiastic about making any observations yet. But the investors of the company reacted when they saw the below par sales report of April and this pushed down the stock price. It closed at 15.91 on Thursday which was 24 cents less to what it was on Wednesday.

 

"Mark Fields will have a tough act to follow," said Jack Nerad, executive editorial director and senior analyst for Kelley Blue Book. 'I believe Fields is more than up to the task. Throughout the years I have known him, he has continued to demonstrate a broad understanding of the intricacies of the auto business and his leadership of Ford in North America is a rousing success."

source: usatoday

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