Ford Board Said to Deliberate on Successor to CEO Mulally |
| Bloomberg - Oct 12, 2012 |
Ford Motor Co. (F)’s board discussed a succession plan for Chief Executive Officer Alan Mulally at its monthly meeting today, according to a person familiar with the discussions.
The board is preparing to promote Mark Fields to chief operating officer from president of the Americas as part of a plan to have him eventually succeed Mulally, said the person, who asked not to be named revealing board deliberations. Such a move would make clear the succession plan at the second-largest U.S. automaker, that person said. The meeting ended without directors announcing a resolution, said another person familiar with the gathering.
Investors are eager to learn the timetable and details of Ford’s plan to replace Mulally, who has won acclaim for saving the automaker without a federal bailout or bankruptcy, said Adam Jonas, an analyst with Morgan Stanley in New York. Mulally, 67, has declined to say when he will retire. The uncertainty over the transition of power is weighing on Ford’s stock, Jonas said.
“I don’t think it’s helping,” Jonas said in an interview. “People just generally expect that because Mulally is at retirement age that he will leave soon. Mark Fields is overwhelmingly seen as the successor.”
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- Posted: 2012-10-12 12:26:38
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