Rumored for months, two unnamed sources have revealed to Bloomberg that Ford will formally announce a succession plan for its top executive position as early as May 1. Fields, Ford’s current COO, will reportedly take over for Mulally, who has been the company’s chief executive since 2006.
Ford put Fields in a position to take over as CEO when it promoted the 53-year-old to its second-highest executive position in 2012.
A 25-year Ford veteran, Fields will have some pretty big shoes to fill when he assumes the position of CEO. Mulally, 68, is credited with saving Ford from bankruptcy and returning the company to profitability. Under Mulally’s leadership, Ford has pocketed more than $42 billion, compared to a $30.1 billion loss between 2006 and 2008.
Although nothing is official, Mulally will likely stay on at Ford at least in the short-term in some kind of advisory role.