Automotive giant Ford has announced Mark Fields will succeed Alan Mulally as its chief executive officer from July.
Mulally, who joined the US car manufacturer in 2006 from Boeing, has been credited with turning around its fortunes, following the crash of the American automotive market during the recession years.
As a sign of the turnaround in fortunes, Ford has been forecast to achieve between 7-$8bn pre-tax profits predicted during 2014.
Fields, who has served in a variety of roles at the Detroit-headquartered company over 25 years, had been earmarked at Mulally’s successor for over a year since the company veteran first hinted at retirement.
At the formal announcement to employees and the world’s media at its headquarters in Michigan, Field spoke of continuity, and said there are no plans to change the Ford management team.
He also said the company will persist with Mulally’s One Ford initiative, which aims to improve product quality and reduce costs by sharing engineering and designing vehicles worldwide.
“Our priority going forward is how can we accelerate the pace of progress, continue to focus on execution … and keep that product pipeline absolutely full,” said Fields.