Ford announces new CEO

Mark Fields will succeed Alan Mulally, who will retire on July 1

Ford Motor on Thursday named Mark Fields as its president and chief executive officer.

He will succeed Alan Mulally,68, who will take retirement July 1, Xihua reported.

Fields,53, has been leading all of Ford's global business operations and most skill teams, including product development, manufacturing, purchasing, and marketing, sales and service since 2012.

Bill Ford, Ford's executive chairman said "Mark has transformed several of our operations around the world into much stronger businesses during his 25 years at Ford."