Mulally has served as CEO since 2006, and is credited with bringing the company from the brink of bankruptcy to profitability in 2009. Ford also announced Mark Fields as its new COO, effective Dec. 1. He has served as executive VP and President of the Americas for the past seven years, and has been with Ford since 1989.
According to a Ford press release, Mulally will continue to head up long-term strategic development of the One Ford plan, while Fields will focus on business operations .
"Today marks an important next step in the profitable growth of the Ford Motor Company," said Executive Chairman Bill Ford. "We are fortunate to have Alan's continued leadership as well as talented senior leaders throughout our company who are developing and working together and delivering on our plan ."
The Motley Fool owns shares of Ford. Motley Fool newsletter services recommend Ford. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.