Although everybody, from analysts and investors to common folk already knew, Ford only yesterday announced the earlier retirement of Chief Executive Alan Mulally.
Although the CEO was set to remain with the No.2 US automaker until this year’s end, the automaker made public what has been its worst kept secret to date – Mulally will step down from his office this summer and since July 1st his place will be taken by its groomed successor – current COO Mark Fields.
“You know the plan, you know how to work the plan,” Morgan Stanley analyst Adam Jonas said. “Mark (Fields) calls it ‘wash, rinse and repeat.'”
So, Wall Street analysts and investors expect no game changer, as Fields has been by Alan Mulally’s side all the way since the 68-year-old executive came to Ford from Boeing and mastered beginning with 2006 the come-back plan.
Fields announced it’s going to follow up on his predecessor strategy, as the automaker came from near bankruptcy as a money looser to a pretax profit of up to $8 billion this financial year. He also added his previous position of Chief operating officer will not be filled, as the management structure without it is still considered appropriate.