Ford Lays Groundwork For CEO Succession
Ford CEO Alan Mulally isn’t on his way out, though succession plans are being considered according to a top Ford executive.
Mark Fields, Ford‘s president of the Americas, emphasized the importance of developing a succession plan, despite there being no plans for Mulally’s retirement. Fields, who is one of the candidates to move into the position said “It’s something we’re all very committed to, and there will be great opportunities within Ford,” in an interview with the Detroit News.
Mulally is nothing less than an icon at Ford, and in the automotive world overall. He is credited with piloting Ford through the economic storms of the last decade and successfully leading the company to being the only member of the big three to decline a bailout.
That success came with heavy debt, but the company seems to be have effectively avoided disaster and found their way back into growth. That success got final affirmation last Friday when the company officially announced plans to reinstate cash dividends for their stock, effective in January 2012.
Restoring dividends “gives a lot of encouragement to our employees, our stockholders and our communities that we’re going to stay focused and move the business forward,” Fields said.
The company originally planned to wait until their credit rating was restored to investment grade. In light of strong sales and consistant growth Ford executives decided to move forward despite Moody’s and S&P upgrading them to one notch below investment grade.
[Source: Detroit News]
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