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Posts Tagged ‘Ford’s Alan Mulally’

Mulally on Fields on Ford

Keeping things "orderly" doesn't mean doing the same-old same-old.

by on May.02, 2014

Ford CEO Alan Mulally, Chairman Bill Ford, and CEO-to-be Mark Fields at Thursday's news conference.

July 1 will bring one of the biggest transitions Ford Motor Co. has experienced in years – but don’t expect to see many changes, short of who gets the best parking spot in the underground garage at Glass House, the automaker’s suburban Detroit headquarters.

In what was arguably the worst-kept industry secret in some time, Ford officially confirmed that the 68-year-old Alan Mulally well retire as CEO and hand the reins over to his hand-picked protégé, Mark Fields at the mid-year mark.

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And in both their Thursday morning news conference, as well as subsequent interviews with TheDetroitBureau.com, the two executives repeatedly sounded the same phrase to describe the “smooth and orderly” transition to come.

While there’s some careful media coaching at work here – consumers and investors alike crave a sense of consistency – that is much more than PR-speak at work.

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Ford Expected to Confirm Mulally Retirement Today

COO Fields to take chief executive spot.

by on May.01, 2014

Ford is announcing its plans for Mark Fields to replace Alan Mulally as Ford's CEO this morning.

Ford Motor Co. is expected to make it official this morning, announcing that CEO Alan Mulally will be retiring, his successor to be the automaker’s current Chief Operating Officer Mark Fields.

The timing of the 68-year-old Mulally’s imminent departure has been a subject of widespread speculation for more than a year, and the seeming certainty of Fields’ ascent grabbed headlines in April when widespread reports indicated the management changes would be announced ahead of this month’s Ford shareholders meeting.

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The 53-year-old Fields is expected to largely maintain the profitable business strategy Mulally implemented after joining Ford eight years ago – allowing the company to avoid the bankruptcies that nearly destroyed Detroit rivals General Motors and Chrysler. Nonetheless, the departure of former Boeing executive Mulally will raise numerous questions – notably whether there will be any additional shake-ups in Ford’s senior management team. (more…)

Ford Net Income Drops 22 Percent for Third Quarter

Restructuring charges, European losses offset strong North America vehicle sales.

by on Oct.24, 2013

Despite strong vehicle sales, Ford reported a drop in third quarter earnings of 22% to $1.3 billion.

Strong vehicles sales in North America had Ford Motor Co. poised for a record-setting third quarter profit, but they were offset by losses in Europe and restructuring charges, the company reported.

Ford’s net income dropped 22% to $1.3 billion or 31 cents per share after special charges of nearly $498 million due to restructuring in Europe and North America and a loss by the company’s European operations.

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The automaker reported a record third quarter 2013 pre-tax profit of $2.6 billion, which was $426 million higher than a year ago. The increase reflects continued strong performance in North America and a combined profit from the regions outside North America. In addition, Ford Credit remained profitable. (more…)