Ford CEO Staying Put
Sep 18th 2012 1:20PM
Updated Sep 19th 2012 6:15AM
Alan Mulally, CEO of Ford Motor Co. (NYSE: F), said today that he has no plans to leave the automaker any time soon:
"My plan is to continue to serve as the CEO of Ford," Mulally said, adding that uncertainty over his retirement isn't hurting the automaker's share price. "I'm really clarifying that now. If I had any plans to do anything differently, I'd share it with everybody."
Last week a report surfaced that Ford would promote Mark Fields, current president of its Americas division, to COO, anointing Fields as the heir-apparent to Mulally. Fields gets credit for turning around the company's Americas division from record losses four years ago to record profits this year.
Mulally, who is 67 years old, did not reply directly to a question about Fields, but said that "Ford has probably the strongest, many people believe it has the strongest bench ever."
Like virtually every other automaker, Ford is having serious trouble in Europe, where the company lost $465 million in the second quarter. Coupled with smaller losses in Asia, Mulally - or his successor - has plenty of challenges ahead.
Ford's stock is off 0.1% today, at $10.38 in a 52-week range of $8.82-$13.05.
Filed under: 24/7 Wall St. Wire, Autos, Corporate Governance, Management Change Tagged: F