Mr Fields 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.

Before serving as COO, Fields served as executive vice president and president – The Americas since October 2005. There, he led the transformation of Ford’s North American business – turning it from record losses several years ago to record profits in each of the last four years. Earlier, Fields guided the product-led transformation of Ford’s European operations and formerly held European luxury brands, as well as the relaunch of Ford’s independent operations in Argentina and a major restructuring and product renaissance at Mazda.

‘From the first day we discussed Ford’s transformation eight years ago, Alan and I agreed that developing the next generation of leaders and ensuring an orderly CEO succession were among our highest priorities,’ executive chairman Bill Ford said. ‘Mark has transformed several of our operations around the world into much stronger businesses during his 25 years at Ford. Now, Mark is ready to lead our company into the future as CEO.’

Mulally is to retire on 1st July after serving as president and CEO and leading the company’s One Ford global transformation since September 2006.

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.

‘Alan deservedly will be long remembered for engineering one of the most successful business turnarounds in history,’ Bill Ford said. ‘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.’

He added: ‘Alan and I feel strongly that Mark and the entire leadership team are absolutely ready to lead Ford forward, and now is the time to begin the transition.’

To read IHS Automotive's comment on the leadership changes at Ford, click here.