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Mark Fields named new CEO of Ford as Alan Mulally steps down

NEW YORK -- Ford Motor Thursday announced that Alan Mulally will step down as chief executive on July 1, and named chief operating officer Mark Fields to replace him.

The announcement moves up by six months the time-frame for the departure of Mulally, 68, a former Boeing executive credited with turning the company around.

“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,” executive chairman Bill Ford, who recruited Mulally from Boeing in 2006 said in a statement.

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

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