February 21, 2012
Alan Mulally is going nowhere 0
Ford’s President and CEO Alan Mulally has confirmed he will not be retiring next year.The statement comes after two top executives left the American car giant.
Board members retiring
Influential board members Chief Financial Offer Lewis Booth, 63, and Group Vice President of Global Product Development Derrick Kuzak, 60, will both retire on April the 1st of this year. Bob Shanks, 59, who is Ford’s current controller, will replace Lewis Booth. Raj Nair, 47, will replace the Vice President of Engineering and Global Product development.
Alan Mulally has been highly influential to Ford in recent years. For the third consecutive year, Ford has seen profits. He has been responsible for the company adding fuel efficient vehicles into their line-up to stay ahead of the competition.
From when he joined Ford in 2006, the company were struggling. Joining from Boeing Co, Ford was then in their third year of losses which totalled $30.1 million.
Mulally released a statement saying “I read the news release very carefully and I do not find my name in it. I have no plans to retire and I’m absolutely thrilled and honoured to serve Ford.”
Alan Mulally’s successor has however been discussed already. Speculation points towards Mark Fields, 51, Ford’s current President of the Americas. Joe Hinrichs, 45, Ford’s Chief Operator in Asia and Africa has also been mentioned. Most believe that Mark Fields is the clear favourite.
Alan Mulally has not confirmed any of the two as potential candidates but did say consideration of all jobs in the future is important. His exact words were “I have read that speculation also and as you know we don’t comment on speculation. Our plan at Ford is to have a very strong succession plan for every position, including my own.”
There will be no second in command according to Mr Mulally. Those tasks are preferred to be distributed amongst various executives and staff in high positions. Everyone’s specific individual skills are utilised for various different responsibilities.
Many see that fact that Mr Mulally is staying as great news. Ford has just announced their 11th consecutive profitable quarter on January 27th. Last year saw Ford make a staggering profit of $8.8 billion which $463 million up from 2010.
With Alan Mulally at the helm, Ford is sure to continue their fantastic results.