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New Ford CEO Fields Fares Well with $5 Mil Pay Package

Will fall short of predecessor Mulally's pay.

by on Jul.02, 2014

Ford's new CEO Mark Fields with the 2015 Edge.

He’s taking on more duties, but Ford Motor Co.’s new CEO Mark Fields also will be getting a few more dollars — and perks – after taking over for Alan Mulally, who retired as chief executive on Monday.

In a regulatory filing today, Ford disclosed that Fields will get a pay package in his new position worth at least $5.25 million. That’s on top of a lucrative stock option package, potential bonuses and other benefits including the use of a corporate jet.

We Pay Off!

That’s still short of the pay package taken home by Mulally last year, as he began to wrap up his 8-year stint as Ford CEO, a position from which many credit the former Boeing executive with saving Ford – the only member of the Detroit Big Three not to have gone into bankruptcy or require a federal bailout package.


Ford’s Mulally, Fields Make Early, Informal CEO Transition

A rock-star reception.

by on Jun.25, 2014

Ford's incoming CEO Mark Fields with the 2015 Edge.

Officially, Alan Mulally had nearly a week left before his retirement, Mark Fields still in the on-deck circle. But informally, the outgoing Ford Motor Co. CEO handed the baton over to his successor this week during Ford’s annual summer media preview.

The 68-year-old Mulally has spent his last few weeks visiting Ford facilities around the world, “saying thank you,” he explained after dropping in on a morning briefing capped by the preview of the maker’s 2015 Edge crossover.

Inside Insight!

Even after nearly eight years on the job, with retirement approaching fast, Mulally maintained the boyish exuberance that has been a hallmark of his tenure, reminding everyone he spoke with to “continue supporting Ford” under its new leadership. And, more like a rock star than a traditional business exec, Mulally took time to pose for pictures, signing media badges with a personal note and a big heart.


Ford’s New CEO Mark Fields: A Detour Makes Him a “Better CEO”

A "WTF expression."

by on May.09, 2014

Ford Chairman Bill Ford, left, with Mark Fields, who will become the maker's new CEO on July 1.

Ford CEO-designate Mark Fields is happy to have been tapped by Ford chairman Bill Ford and the Dearborn automaker’s board of directors to succeed CEO Alan Mulally this July. But it wasn’t always so.

The day before Bill Ford announced that Alan Mullaly as CEO on Sept. 5, 2006, word of the Boeing Co. executive’s arrival at Ford was handed out to the senior staff, including Americas President Fields. After the meeting, Fields, who has long had a special relationship with Bill Ford, appeared in the scion’s office door with what Bill Ford described in an interview with me in 2007 as what might be described today as a “WTF expression.”


Fields, then President of the Americas, had already started weaving the narrative in his head that he would, or at least might, succeed Bill Ford as CEO of Ford. The arrival of Mulally, an outsider, was throwing that story off the tracks. “I told him (Fields) very frankly that Alan was going to make him a much better CEO when his time came,” Bill Ford related in an interview with me.


Mulally’s Departure the Worst-Kept Secret in Detroit

Bill Ford offers praise for CEOs old and new.

by on May.01, 2014

Despite an outside search, few expected Ford to turn to anyone but Mark Fields as its next CEO.

It was, arguably, the worst-kept secret in Detroit, but even when Ford issued an early morning news alert, an advisory to attend a session at its suburban headquarters, it wasn’t ready to confirm what almost everyone already knew: CEO Alan Mulally would be retiring, his replacement to be current Ford COO Mark Fields.

That isn’t to say there weren’t a few unknowns that had Detroit’s automotive news corps racing to “Glass House,” as the Ford office tower is known. For one thing, when would the transition take place – and would it result in a shake-up among the rest of Ford’s management team.

In the Know!

In fact, Mulally acknowledged he would be leaving earlier than he had signaled previously, July 1, rather than waiting for the end of the year. But the 53-year-old Fields was getting the job he seemed destined for after being named chief operating officer in late 2012.

“I know this isn’t exactly a well kept secret,” said Ford Chairman Bill Ford Jr., who said he was  pleased that the company could move forward with  a smooth leadership transition.


Ford CEO Mulally to Retire July 1, Fields Named New CEO

Maker promises “orderly succession.”

by on May.01, 2014

Retiring Ford CEO Alan Mulally poses with the 2015 remake of the Mustang.

Promising an “orderly succession,” Ford today confirmed recent, widespread rumors that CEO Alan Mulally would be retiring, his successor to be the maker’s current Chief Operating Officer Mark Fields.

A former Boeing sensior executive, Mulally has won widespread praise during his eight-years at “Glass House,” Ford’s headquarters in the Detroit suburb of Dearborn. His One Ford strategy has been credited with helping the once-struggling automaker avoid the bankruptcy filings forced on cross-town rivals General Motors and Ford during the depths of the nation’s Great Recession. Fields, in turn, has been seen as the man that helped put Mulally’s strategy in play.

Breaking News!

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,” Executive Chairman Bill Ford – great-grandson of company founder Henry Ford — said. “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.”


Mulally to Retire, Fields Named New Ford CEO

New Chief Executive to face numerous challenges.

by on Apr.21, 2014

Mark Fields, who reportedly will become Ford CEO at the end of the year, shown delivering the keynote address at the NY Auto Show last week.

Ford Motor Co. CEO Alan Mulally will step down at the end of the year, according to a variety of news reports and company sources, with the maker’s current Chief Operating Officer Mark Fields to step in as his successor.

The move – which Ford declined to comment upon – is no surprise to those familiar with the automaker’s plans which were largely laid out in late 2012 when the 52-year-old Fields was appointed to the COO position, a senior company insider at the time saying the top spot was “Mark’s to lose.”

The Last Word!

“This is no surprise whatsoever,” said George Peterson, a former Ford analyst and now head of the consulting firm, AutoPacific, Inc. “Ford has been pretty straightforward about doing what they said they would do.”


Ford Reportedly Set to Name Mullaly’s Successor

Board to promote Fields to COO, according to report.

by on Sep.12, 2012

Ford Pres. Mark Fields during an appearance at the newly renamed Flat Rock Assembly Plant on Monday.

Mark Fields, currently Ford Motor Co.’s President of the Americas, may take a giant step closer to becoming the maker’s next chief executive this week.

The automaker’s board of directors is expected to name the 51-year-old Fields to the new post of Chief Operating Officer, the final step before the New Jersey-born executive could replace highly-regarded CEO Alan Mulally.

Such a move has been widely anticipated, though the timing was unclear. Ford normally does not comment on the timing of board meetings nor the actions on the agenda though a promotion at such a senior level would have to immediately be reported to the U.S. Securities and Exchange Commission.

Be In the Know!

A former top Boeing executive, Mulally has been widely credited with turning things around for Ford which, just prior to the recent recession, mortgaged all its key assets, including plants and the “Blue Oval” logo, to raise enough cash to avoid a collapse. The strategy worked, Ford being the only one of the three Detroit automakers to avoid a bankruptcy and federal bailout.


Ford Denies Search Underway for Mulally Successor

WSJ report claims four candidates under consideration.

by on Dec.06, 2011

Ford terms "false" a report that a search is now underway to replace 66-year-old CEO Alan Mulally.

Ford Motor Co. terms “false” a report that it has begun the search for a successor to well-regarded CEO Alan Mulally.

A report in today’s Wall Street Journal claimed the maker was looking at four potential candidates to assume the helm for the 66-year-old executive, who many expect to retire within the next year or two.  The WSJ report claims four potential candidates are under consideration, echoing an earlier report on that when it comes to finding a successor to Mulally Ford would prefer to draw from the ranks of its current management team.

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But in regards to an ongoing search effort, a Ford statement contends, “The Wall Street Journal story is false. As (Chairman) Bill Ford has consistently said, we will always consider both internal and external candidates for any succession plan, but we do not have a search under way for an external CEO successor.”