At a press event, Ford Motor Company (NYSE:F) has officially named Mark Fields as CEO of the company, succeeding Alan Mulally. Fields will have some big shoes to fill because Mulally guided the auto giant through very turbulent times. Ford scheduled a 9AM news conference at its headquarters in Dearborn, Michigan to make the formal announcement. Fields will become CEO after working across several positions at Ford over the last 25 years.
It will be Fields’ responsibility to keep Ford operating as one team and deliver steady profits. Mulally launched a “One Ford” business plan to give the company a central focus after years of losing billions of dollars due to unpopular brands and models. Fields will not be changing the “One Ford” plan and will not making any radical changes in the near future. Ford is expected to have a profitable year at between $7 and $8 billion.
Fields worked at Ford when Mulally kept the company out of bankruptcy during the 2009 recession and during Explorer/Firestone recall in 2000. Mulally is stepping down on July 1st.