The transition in July is approximately six months earlier than previously anticipated, following Mulally’s recommendation to accelerate the timetable based on the readiness of Ford’s leadership team.

Mulally, 68, is retiring after nearly eight years leading Ford. Under Mulally and the company’s One Ford plan for profitable growth, Ford has achieved 19 consecutive quarters of profitability and embarked upon the company’s most ambitious global expansion in the past half century.

Alan deservedly will be long remembered for engineering one of the most successful business turnarounds in history. Under Alan’s leadership, Ford not only survived the global economic crisis, it emerged as one of the world’s strongest auto companies. We always will be grateful to Alan for his leadership, compelling vision and for fostering a culture of working together that will serve our company for decades to come.

—Chairman Bill Ford

Fields, 53, was named Ford’s chief operating officer in December 2012. He has been leading all of Ford’s global business operations and most skill teams, including product development, manufacturing, purchasing, and marketing, sales and service.