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Ford sets up scholarship program to honor ex-CEO Alan Mulally

Ford Motor Co. has created the Alan Mulally Leadership in Engineering Scholarship program – a 1$- million program for engineering students in honor of its retired chief executive. The program will provide 10 one-time $10,000 scholarships annually for 10 years to sophomore or junior engineering students at universities globally and will be launched in spring 2015 and run for 10 years.

Ford Motor Co. and the Ford Fund will each shoulder half of the amount intended for the program. Mulally, who is an engineer by training, placed technology at the forefront of his push to reinvent the US carmaker.

Ford Executive Chairman Bill Ford said in a statement that Mulally’s engineering background as well as data-driven decision-making paved way for the “extraordinary leadership” he provided at the carmaker.

Read the entire article Ford sets up scholarship program to honor ex-CEO Alan Mulally

Alan Mulally to continue advising successor Mark Fields after stepping down in July

Alan Mulally, outgoing chief executive of Ford Motor Co., plans to continue advising successor Mark Fields, while keeping in contact with the carmaker. Mulally is slated to step down from his post in July. “I’m going to stay close to Ford going forward,” he told Bloomberg Television in an interview.

Mulally was expected to step down by the end of 2014, but Ford said the CEO had decided to exit six months earlier than planned to make way for Fields. People with knowledge of Mulally’s plans told Automotive News that the CEO has been lining up a corporate post -- probably as a board director or chairman.

Mulally said the Bloomberg TV interview that he had fallen in love with Ford, adding that it is “a great company.” Mulally jumped from Boeing Co. to Ford in 2006, and became the mastermind of the carmaker’s turnaround from a near bankruptcy.

Read the entire article Alan Mulally to continue advising successor Mark Fields after stepping down in July

Alan Mulally has no regrets in the 8 years spent as CEO of Ford

Alan Mulally is very proud of his eight-year performance and has no regrets as chief executive of Ford Motor Co., he said during his final annual meeting at the carmaker. He also gave a vote of confidence to his successor, Marks Field, saying that the leadership team, the management system and the strategy is solid.

Fields, Ford’s chief operating officer, will succeed Mulally as CEO effective July 1, 2014. Mulally has disclosed that he is retiring on the said date, which comes six months earlier than planned.

Mulally came on Ford board in 2006 and was responsible for turning around the beleaguered carmaker by globalizing new models, trimming costs, improving technology and revamping its offerings with fuel-efficient vehicles.

Read the entire article Alan Mulally has no regrets in the 8 years spent as CEO of Ford

Official: Ford CEO Alan Mulally will retire on July 1, will be replaced by Mark Fields

If last week was just a rumor, today it became official: Ford CEO Alan Mulally will retire on July 1 and Mark Fields will be named Ford president and chief executive officer. As you may know already, Alan Mulally, 68, has been at Ford for almost eight years and he was the man who managed to transform and position the company as one of the world’s leading global automakers.

Mulally’s One Ford plan achieved a profitable growth, with 19 consecutive quarters of profitability. Moreover, during Mulally’s eight years at Ford, the American carmaker developed its strongest product lineup in its history. According to the official press release, the transition is July is six months earlier than anticipated as Mulally recommended to accelerate the timetable based on the readiness of Ford’s leadership team.

Mark Fields, 53, was named Ford’s chief operating officer (COO) in December 2012 and since then, he has been leading Ford’s global business operations and most skill teams such as product development, manufacturing, purchasing, as well as marketing, sales and service.

Read the entire article Official: Ford CEO Alan Mulally will retire on July 1, will be replaced by Mark Fields

Mark Fields will be soon named as the next chief executive of Ford Motor Co., two people privy with the matter told Bloomberg. The pending announcement will also disclose when current CEO Alan Mulally will retire from Ford. The sources said that Mulally will proceed with plans to step down before the end of 2014 with now chief operating officer Fields as his successor.

The sources said Ford may announce the decision as early as May 1, 2014. The baton pass to Fields will put an end to one of Ford’s chapters, during which Mulally was able to prevent the carmaker from going to bankruptcy while betting on a $23-billion loan. Mulally was able to turn around the then-beleaguered Ford by cutting costs and by overhauling its vehicle lineup.

Executive Chairman Bill Ford remarked that when great CEOs leave, there is “chaos behind them.” Ford disclosed to Bloomberg TV that he and Mulally have discussed about the final act of a great CEO -- a great transition. Bloomberg’s sources said the carmaker is making the announcement to provide clarity on its leadership and an orderly transition of power.

Read the entire article Ford set to announce appointment of Mark Fields as next CEO as Mulally retires

Alan Mulally is set to retire from his current post as chief executive of Ford Motor Co by the end of the year, but that does not mean he is set to exit from the carmaker as well. People privy with Mulally’s plans told Bloomberg News that Ford’s top honcho is almost nailing down on a new post at the carmaker, possibly as a board director or chairman.

The near-decision on Mulally’s part is prompting Ford to announce possibly on May 1 his retirement as well as the appointment of current chief operating officer Mark Fields as new CEO, the sources said. People privy with Ford said Mullaly will turn over control to Fields before the end of 2014.

The sources added that Mulally plans to remain a player in the corporate world, providing voice to the role of manufacturing and innovation in America. With 45 years of top-notch experience at Boeing Co. and Ford, Mulally has become an expert on management and doing business in Asia, and has even advised United States President Barack Obama on international trade.

Read the entire article Alan Mulally is eyeing Ford board post after retirement as CEO

Ford Motor Co. hiked the compensation of chief executive Alan Mulally by 11 percent in 2013 to $23.2 million after logging record earnings in North American and Asia. Mulally received $2 million in salary, $5.88 million in bonus and $15.3 million in stock, options and other compensation, Ford said in a regulatory filing.

In 2012, Mulally received $2 million in salary, $3.95 million in bonuses and $15 million in other compensation. Mulally, who said in January that he would remain at Ford through 2014, is credited with creating a more collaborative culture at the carmaker and with leading a turnaround that allowed it to avoid federal bailouts and bankruptcies that caught up with rivals General Motors and Chrysler.

Ford has earned a total of $42.3 billion in the past five years after losing an accumulated $30.1 billion from 2006 through 2008. “He’s worth every penny,” said Bernie McGinn, chief executive of McGinn Investment Management in Alexandria, Virginia, told Bloomberg. He added that while people forgot how difficult and revolutionary Mulally’s action was, Ford have had four years of good products and is winning.

Read the entire article Ford hikes compensation of Alan Mulally by 11 percent in 2013 to $23.2 million

Ford Motor Co. chief executive Alan Mulally has received $13.8 million in stock for the carmaker’s performance in 2013. Ford also gave its Mulally 613,747 stock options as part of an incentive plan for 2013, according to a filing with the United States Securities and Exchange Commission. Mulally cannot sell the 882,352 shares of stock he received until March 4, 2016.

The options, having a strike price of $15.37, vest in thirds annually over the next three years. Ford posted $7.16 billion in earning in 2013 while its shares surged 19 percent. Mulally’s other compensations for 2013, including salary and benefits, will be disclosed in March.

He was considered as a candidate for the top post at Microsoft Corp. last year to be its CEO, but said he will remain at Ford at least through December. Mullaly has led a Ford turnaround that allowed the carmaker avoid the bailouts and bankruptcies that sank predecessors of GM and Chrysler Group.

Read the entire article Ford CEO got $13.8 million in stock for 2013 performance

Ford Motor Co. chief executive Alan Mulally has cleared up matters regarding his possible transfer to Microsoft Corp. "I would like to end the Microsoft speculation because I have no other plans to do anything other than serve Ford," Mulally said in an interview with the Associated Press. Prior to the interview, there had been speculations and reports that Mulally is being considered as one of the candidates to replace Microsoft CEO Steve Ballmer.

In August 2013, Microsoft said that Ballmer is planning to exit from his post. According to Mulally, all the talk about his possible exit from Ford to join Microsoft had become a distraction for the US carmaker.

Mulally’s candidacy to become the next top guy at Microsoft threatened to eclipse Ford’s new-vehicle launches at the incoming Detroit Auto Show and heightened the risk of internal strife among his deputies at the US carmaker.

Read the entire article Ford CEO Alan Mulally denies rumors over Microsoft transfer

Ford chief executive Alan Mulally has been speculated to be one of the possible successors to the top job at Microsoft Corp. However, the speculation is threatening to eclipse Ford’s vehicle introductions and may lead to internal strife among Mulally’s deputies. Ford is planning to introduce 23 vehicles in 2014, which means a very busy year for the company. However, the speculation could become a distraction at a time when Ford needs to focus on “plants, products and people,” according to Michelle Krebs, an analyst for auto researcher Edmunds.com.

She noted that Ford needs to focus on the business as it is launching more products in 2014 than any time in its history. Mulally, Executive Chairman Bill Ford and other company leaders, have been reiterating a 13-month-old plan that called for the current CEO to remain Ford’s top honcho through at least next year.

While the carmaker has established COO Mark Fields as the next CEO, the timing of Mulally’s exit could lead to executive infighting, a source privy with the matter, told Bloomberg. Mulally is renowned for cultivating a more collaborative culture at Ford, which had been plagued by backbiting and dysfunction.

Read the entire article Mulally’s possible entry at Microsoft may distract from Ford’s new models

Ford seems to be preparing to stand on its ground without Alan Mulally, its current chief executive who is poised to leave the carmaker as early as next year. In fact, the weekly executive meetings at Ford were now led by chief operating officer mark Fields, who is widely seen as the successor for Mulally. Two sources told Automotive News that regardless of whether Mulally would be tapped as the next CEO of Microsoft, he is unlikely to stay through 2014.

People within Ford said that the management team that Mulally groomed is now ready for his eventual departure. “Collectively we have helped change the culture - it's not just relegated to one particular individual," Fields told reporters in September, adding that  "it's really about all of us looking to build on the things over the years that have made our culture so strong."

Mulally is considered as the turnaround icon at Ford, having led the carmaker when it managed to stave off bankruptcy and did not receive bailouts from the United States federal government, which fellow Detroit 3 members General Motors Co. and Chrysler did. Mulally formulated the "One Ford" strategy that allowed the carmaker’s business units to achieve economies of scale and boost profit.

Read the entire article Ford is gearing up for Mulally exit next year

Alan Mulally has already reiterated plans to head Ford until at least 2014 after news broke out that he is being considered as a candidate to become the next chief executive of Microsoft Corp. But despite being vocal about his intentions, the media as well as the tech press refused to back down.  It all started when the Web site All Things D and Reuters reported that Mulally was likely to lead the multi-national software corporation. Now, bloggers are jumping on the speculations. Blogger Eric Jackson wrote about Mullaly on Forbes.com under the headline: "Why Alan Mulally Would Be a Terrible Choice as the Next Microsoft CEO." Jackson wrote that Mullaly would nail the job first because he is from Seattle, where Microsoft is based.

Likewise, Jackson noted that Mullaly is a friend of current CEO Steve Ballmer and Bill Gates.  He also noted that Mullaly had no software experience.

On the other hand, Time magazine’s Doron Levin viewed the other way. His column “Alan Mulally Is the Right CEO to Save Microsoft,” remarked that Mulally has "analyzed technical debates for his entire career, from fuselage design to the relative merits of electric and internal-combustion propulsion for cars.”

Read the entire article Blogging world still hot on Mullaly as possible Microsoft CEO

Ford Motor Co. Executive Chairman Bill Ford has reiterated the carmaker’s plan to keep Alan Mullaly as its chief executive. Ford said in an interview today with Bloomberg Television that the plan is that Mullaly is “going to stick around," adding that they “feel really good” about where they are in terms of succession.

Ford is dismissing speculations that Mulally is leaving Ford, AllThingsD and Reuters named him as a possible candidate for the next CEO of Microsoft Corp. People privy with the matter told Bloomberg that Microsoft's board has been looking at several candidates, including Mulally.

The company’s search for its next leader is currently in the initial phase, and the board is still far from making a decision, the sources added. Microsoft’s board has retained Heidrick & Struggles to search for internal and external candidates following a statement by CEO Steve Ballmer in August that he is planning to retire within a year.

Read the entire article Ford is planning to keep Alan Mullaly as CEO

The $20.99 million compensation that Ford Motor Co. CEO Alan Mulally received in 2012 is 29% lower than the $29.5 million he got in 2011 as the company failed to hit several performance targets, according to a proxy statement that Ford recently released. Last year, Mulally had a salary of $2 million, a cash bonus of $3.95 million and stock awards amounting to $14.3 million.

Ford surpassed its goals in quality and cost performance but failed to reach its worldwide goals for profit before taxes, operating cash flow and market share. In the proxy statement, Ford said that its 2012 performance clearly shows that its management team had an excellent performance in an environment that’s highly challenging. Ford surpassed its quality targets based on what things went wrong as well as warranty expenses.

However, Ford's $8 billon profit before taxes didn’t reach its goal of $8.7 billion. Ford’s executive chairman Bill Ford received a $2 million salary and cash bonus of $1.125 million. He received a total compensation of $14.836 million composed of stock options and other performance awards. But smaller bonuses were given to Bill Ford and Mulally since Ford only posted a global automotive operating cash flow of $4.63 billion, which only accounts for 32% of its target. In addition, the company attained only 3% of its target for market share.

Read the entire article Ford cuts CEO Alan Mulally pay as company fails to hit performance targets

Ford Motor Co. CEO Alan Mulally will be receiving a bonus from the automaker when his employment ends as reward for leading revival efforts. In a regulatory filing, Ford said that this payment is based on how much Ford contributed to the retirement and benefit equalization plans of Mulally. For 2012, Ford posted a net income of $5.67 billion.

Its shares also rose by 20%, doing even better than the 13% improvement reported by the Standard & Poor's 500 Index. In an interview, company spokesman Jay Cooney said that the agreement for the payment held a Feb. 13 date and serves to clarify a previous agreement. Cooney explained that there had been no changes. The accord didn’t mention the amounts. Ford was able to get back investment-grade credit ratings.

It has also been able to pay out is first dividend since 2006 based primarily on the success of its namesake brand, which was the lone vehicle line to surpass sales of 2 million units last year in the U.S. The 67-year-old Mulally has set up a global product development plan dubbed One Ford to increase profits by selling the same models worldwide instead of offering different versions for an assortment of regions. Ford posted $30.1 billion in losses from 2006 through 2008. But in the last four years, Ford posted earnings of $35.2 billion.

Read the entire article Alan Mulally will receive a bonus from Ford when he retires

Ford boss Alan Mulally has reportedly turned down a proposal to build a new coupé that will be slotted under the Mustang because of the weak global economy. According to insiders, a design was created based on Ford’s existing core global platforms. But upon studying the business case for this coupé, Mulally concluded that the market for specialised models like this is too parlous for it to be feasible.

Even if the next Mustang is being developed for worldwide markets, Ford of Europe believes that its sales potential in the EU will be restricted because of its size, price and poor fuel economy. It has yet to be confirmed where the proposed coupé will be positioned when it comes to size, price and performance. In terms of profitability, coupés are risky models.

Their overall volumes are comparatively low and they have a tendency to have short lives. Many believe that Ford needs a more attractive halo car to compete with the rising number of MPVs and SUVs.

Read the entire article Alan Mulally puts on hold a new Ford coupe slotted under the Mustang

The board of directors of Ford Motor Co. is considering a plan to keep current chief executive Alan Mulally involved with the company after his rumored retirement at the end of 2013 by installing him as the board's nonexecutive chairman, a person privy with the matter told Reuters. The source told Reuters that the carmaker’s board held a meeting September 13, 2012 to discuss the possible appointment of Mark Fields, currently president of Americas for Ford, as the carmaker’s new Chief Operating Officer.

The Wall Street Journal and Bloomberg reported earlier this week that Ford’s board is planning to promote Fields as its COO, placing him in good position to become Mulally’s successor after his 2013 retirement.

The news organizations remarked that even if the board did decide on the succession issue during the meeting, it was unclear whether Ford would make an announcement on any executive change. Reuters’ source disclosed that Bill Ford, the great-grandson of founder Henry Ford, would remain executive chairman if Mulally is installed as nonexecutive chairman.

Read the entire article Ford may keep Alan Mulally as nonexecutive chairman after retirement

The board of directors of Ford Motor Co. may be drafting a succession plan in preparation for the eventual retirement of current chief executive Alan Mulally. According to report by Bloomberg, Ford’s board will possibly name Mark Fields, currently Ford President of the Americas, as Chief Operating Officer, placing him in line as the next successor to Mulally as CEO.

Citing a person privy with the matter, Bloomberg reported that Mulally may retire at the end 2013. Ford dealers welcomed the news of the succession plan. Ford dealers have been endeared to Mullaly since he invited around 4,000 of them to a meeting at Ford Field in Detroit in 2006. During the meeting, a crowd of Ford employees, under Mullaly’s instructions, shouted “we love you” in unison to the dealers.

Most dealers attributed Ford’s escape from bankruptcy to Mulally’s plan to mortgage the carmaker’s assets and borrow around $23 billion. Larry Taylor, dealer principal at Beau Townsend Ford in Vandalia, Ohio, told Bloomberg that they hoped to keep Mulally “forever.” He also welcomed Fields as a possible successor, saying he is capable as he has groomed and tutored under Mullaly.

Read the entire article Ford dealers welcome Mark Fields as possible successor to Alan Mulally

Ford CEO Alan Mulally is confident that even if the initial sales of the new battery-powered Focus hatchback begin at a pace that’s slower than anticipated, it will still be able to more than double deliveries of electric-drive autos with no stalling. This month, Ford Motor Co. will sell the $39,200 electric Focus that averages 76 miles (122 kilometers) per charge, without offering a volume target.

On the first full year, 9,674 units of Nissan Motor Co.'s Leaf hatchback were sold. This vehicle has a base price of $35,200 and average 73 miles per charge. Last Monday, Mulally told reporters in Laguna Niguel, Calif. that if it sells fewer than 5,000 Focus EVs in the first year, it won’t be considered a failure.

At a conference that Fortune magazine hosted, Mulally said that there will be more electric vehicles with the drop in battery prices and as the company aims to produce electricity cleanly. He said that the growth is continuous and that this journey is a “long-term” one. Bloomberg New Energy Finance said that as production capacity surpassed the demand, there was a 14% drop in the average price of lithium-ion battery packs for electric vehicles in the past year.

Read the entire article Ford CEO Alan Mulally confident that he will double deliveries of Focus Electric

The overall compensation of Ford Motor Co. CEO Alan Mulally increased by 11% in 2011 but it could have been considerably higher. In its annual proxy statement, Ford said that the total compensation for Mulally is comprised of salary, cash bonuses and stock awards that in 2011 had climbed to $29.5 million from $26.5 million in 2010.

Ford said that Mulally got a salary of $2 million, cash bonuses amounting to $5.46 million, and $22 million in stock awards. However, Ford had reduced his cash bonus by 42% during a year that saw its stock dropping by 36%. The 66-year-old Mulally moved from Boeing Co. to Ford where he was able to achieve a turnaround by pursuing a globalized operations, reducing costs, and adding fuel-efficient models like the Fiesta subcompact.

Ford’s shares declined last year over uncertainty with regards to the worldwide recovery. However, its shares increased by 16% this year. Mulally is doing “a lot better” than Ford’s shareholders, according to Gary Bradshaw, a fund manager at Hodges Capital Management, which owns around 250,000 Ford shares. Bradshaw added that Mulally’s performance is excellent but it has become more difficult to justify the size of his salary and stock options when the stocks aren’t doing so well.

Read the entire article Ford CEO Alan Mulally’s overall compensation in 2011 rose 11 percent to $29.5 million