Ford’s Mulally Retirement Official

It has been a rumor for a few weeks and Ford made it official May 1: Alan Mulally will retire.

Ford Motor Company announced Alan Mulally has decided to retire from the company July 1 and Mark Fields will be named Ford president and chief executive officer and elected as a member of the company’s board of directors.

Ford’s Focus EV, various hybrid models and the EcoBoost range of engines came to market under Mulally’s tenure.

“From the first day we discussed Ford’s transformation eight years ago, Alan and I agreed that developing the next generation of leaders and ensuring an orderly CEO succession were among our highest priorities,” said Executive Chairman Bill Ford. “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 as CEO.”

Ford explained Mulally, 68, is retiring after nearly eight years leading Ford and capping a remarkable 45-year career. Mulally has led Ford’s transformation and strengthened its position as one of the world’s leading global automakers. Under Mulally and the company’s One Ford plan for profitable growth, Ford has achieved 19 consecutive quarters of profitability, developed the strongest product lineup in Ford’s history and embarked upon the company’s most ambitious global expansion in the past half century.

“Alan deservedly will be long remembered for engineering one of the most successful business turnarounds in history,” said Bill Ford. “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.”

The transition in July 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.