Mark Fields to succeed Alan Mulally as Ford CEO

Alan Mulallay, President and CEO of the second largest of America's "Big Three" automakers, Ford Motor Company is set to retire on July 1 after a stint that has lasted for almost eight years. Mark Fields has been named as his successor.

Mulally joined Ford in September 2006, succeeding William Clay Ford Jr., who remained the Executive Chairman of the company. Mulally's appointment came at a time when the global economy was struggling, as a result of which, the American auto industry was on its knees. However, decisions taken by him ensured that Ford did not become bankrupt like its fellow competitors General Motors and Chrysler. Mulally also presided over the sale of British brands Jaguar and Land Rover to Tata Motors.

Prior to joining Ford, Alan Mullay was working with Boeing. He has a Master of Science degree in aeronautical and astronautical engineering. Additionally, he holds a Master's degree in Management. Mulally is also a private pilot.

Mark Fields, the man who replaces Alan Mulally, has been Ford's COO since December 2012. Prior to being appointed COO, he has served as the executive vice president and president, The Americas since 2005. He has also headed Mazda and been Chairman of Ford's Premier Automotive Group, which included Jaguar, Land Rover, Aston Martin, Volvo and Lincoln.