Bloomberg reports on a recent change at the top job at Ford Motor Company (NYSE:F), where Mark Fields has been appointed as the new CEO. Fields has replaced his predecessor Alan Mulally on the CEO post and, as reported by Bloomberg, is taking the CEO chair at a time when the company has come out of its misfortunes of 2009 when it has gone nearly bankrupt and is now more lean and profitable.
Fields has served Ford Motor Company (NYSE:F) for the last 25 years and was its Chief Operating Officer for the last one and a half years. Fields was named to be the new CEO earlier in May 2014 and was to be appointed effective July 1, 2014.
In an interview to CNBC in May 2014, Mulally had mentioned that he and Bill Ford, the executive chairman of Ford Motor Company (NYSE:F), had started working on a transition plan almost eight years ago. He had said that right from day one onwards the transition plan was given high priority.
One of the important challenges that Fields has to overcome involve keeping the company working as a ‘One Ford’ team.
As the automaker is currently going through one of its good times, it remains to be seen that how well Fields would perform when the auto industry goes through another challenging crisis which may be coming in the next 2 to 3 years.
In terms of experience, it can be said that Fields has pretty much of it as he has seen the automaker go through various economic cycles of boom and bust in the last 25 years of his service.
“I think I will maintain many of the great relationships I have, and I have fallen in love with Ford as it’s a great company, and it’s so important on what it does for the economy, in energy independence and security, environmental sustainability, so I am going to stay close to Ford going forward” said Alan Mulally in an exclusive interview with Bloomberg last week.