Ford Confirms Mark Fields As New CEO

Ford Motor Company has confirmed that executive Mark Fields will become the carmaker’s new CEO when Alan Mulally retires on July 1.

The news follows reports last month that company insiders had claimed Fields would take the top spot, although Mulally’s retirement was not expected to occur until later this year.

Fields, who turns 53 this year, has been with Ford for 25 years. He is currently the company’s Chief Operating Officer, and his ascension to CEO has been expected for some time.