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End of an era: Ford's Mulally retires

2014-05-02 11:29

STEPPING DOWN: Alan Mulally has stepped down as CEO and president of Ford, marking the end of a spectacular eight-year career at the Blue Oval-badged automaker. Image: AFP/Mandel Ngan

NEW YORK, USA - Ford announced the departure of its CEO Alan Mulally (68) on May 1 2014. Mulally, a former Boeing executive, is credited with turning the automaker's fortunes around.

Ford, the second-largest US automaker, named its chief operating officer Mark Fields (53) as Mulally's successor.

TIMETABLE MOVED

The announcement moves the time-frame for the departure of Mulally up by six months. In 2013 it was expected he would remain as CEO “through at least 2014", reports Ford.

Executive chairman Bill Ford, who recruited Mulally from Boeing in 2006, said: "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.

"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 but also emerged as one of the world’s strongest car 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."
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