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| Ford names Mark Fields as new chief executive | Ford names Mark Fields as new chief executive |
| (32 minutes later) | |
| Ford chief executive Alan Mulally is retiring in July and will be replaced by chief operating officer Mark Fields. | Ford chief executive Alan Mulally is retiring in July and will be replaced by chief operating officer Mark Fields. |
| The 68-year-old Mr Mulally was hired from Boeing in 2006, and is credited with leading the firm back to profitability after the 2008-09 financial crisis. | The 68-year-old Mr Mulally was hired from Boeing in 2006, and is credited with leading the firm back to profitability after the 2008-09 financial crisis. |
| Mr Fields, 53, was named chief operating officer in December 2012. | Mr Fields, 53, was named chief operating officer in December 2012. |
| Mr Mulally, who will leave his post on 1 July, was scheduled to step down at the end of the year. | Mr Mulally, who will leave his post on 1 July, was scheduled to step down at the end of the year. |
| Ford has planned the leadership succession for a number of years, Mr Mulally said, and he brought forward his retirement as "everything is in place" for a "very orderly" transition. | |
| "We are absolutely fully confident we are absolutely ready," he said. | |
| Mr Mulally will not retain a place on the board after retirement. | |
| Last week, Ford reported a drop in first-quarter profits as its performance in the key North American market weakened. | Last week, Ford reported a drop in first-quarter profits as its performance in the key North American market weakened. |