Alan Mullaly (left) seen in 2013. Photo courtesy of Ford.
Ford Motor Co. is expected to elevate COO Mark Fields to replace CEO Alan Mulally, who will step down by the end of the year, Bloomberg is reporting.
Mulally, who has been credited with turning around the automaker after taking over in late 2006, will retire this year. The moves may be formally announced as soon as May 1, sources familiar with the situation told Bloomberg.
Mulally, 68, will be replaced by Fields, a 25-year Ford veteran. A Ford spokesman declined to confirm the moves.