Ford board to set Mulally succession plan in motion
List may be short as carmaker seeks to one day replace the chief who revived its fortunes
Ford Motor's board discussed a succession plan for chief executive Alan Mulally at its monthly meeting, 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.
Such a move would make clear the succession plan at the second-largest carmaker in the United States, the person said.
The Thursday 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 company 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.