Ford Names COO, Revamps Regional Chiefs
Ford Motor Co. on Thursday named the head of its North and South American business, Mark Fields, as its chief operating officer, and moved several other senior executives to new positions, setting the stage for the retirement of Chief Executive Alan Mulally.</br></br>Mr. Fields, 51 years old, who has been widely seen as the likely successor to Mr. Mulally, takes on his new duties Dec. 1. Mr. Fields led the company's North American downsizing, which closed 16 plants and cut more than 39,000 employees, and is credited with helping the company avoid the bankruptcy restructurings that befell its U.S. rivals in 2009.</br></br>The executive shuffle comes as Ford's board seeks to reward key executives and to set a management course ahead of Mr. Mulally's retirement after 2014.</br></br>In his new role, Mr. Fields now must deal with another downsizing. Ford last month said it would close three plants to stem losses in Europe that are expected to reach about $3 billion over two years. The restructuring aims to return Ford's European operations to profitability by mid-decade amid a sharp decline in new-car sales across Europe that isn't expected to be reversed soon. The moves will reduce its operating costs by $500 million in the next two years.</br></br>Several other executives were appointed to new jobs. Joe Hinrichs, current chief of its Asia and Africa operations, was named president of the Americas, replacing Mr. Fields. Mr. Hinrichs also has been considered a possible CEO candidate.