Ford names Mark Fields as new chief executive

Ford Motor on 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.

The US's second-largest automaker notched impressive sales growth under Mulally, who also enabled the Detroit to withstand the 2008 financial crisis without seeking a government bailout.