DETROIT: Ford Motor Co.’s board of directors is meeting Thursday, and CEO succession could be on the agenda.
The directors are close to promoting Mark Fields to chief operating officer, Bloomberg reported Tuesday, citing an unnamed source. The promotion would make Fields the probable successor to CEO Alan Mulally. The report also said that Mulally, 67, is expected to step down at the end of 2013.
Mulally is one of the most respected CEOs in corporate America. He is revered at Ford for turning around the company after being hired in 2006. He quickly made the critical decision to take out a $23 billion loan, using the money to cut workers and brands and to speed up product development. He has presided over 13 consecutive quarterly profits.