Fields named new CEO of Ford

Ford Motor has tapped Mark Fields as chief executive, accelerating a leadership transition as it aims to capitalise on momentum from a turnaround chartered by outgoing chief Alan Mulally. Fields, 53, will take reins from Mulally, 68, on July 1, six months ahead of the original plan, said Ford executive chairman Bill Ford in a statement. “Alan and I feel strongly that Mark and the entire leadership team are absolutely ready to lead Ford forward, and now is the time to begin the transition,” said Bill Ford. Though Ford reported a 39 per cent drop in profits in its most recent quarter, the company confirmed its expected 2014 profits before taxes of $7-$8 billion. The company has said an unusually heavy season of product launches will cut into 2014 returns. The Morningstar said the company will need ‘better product’ for its Lincoln line, a transformation that will ‘take several years.’ Analysts have also said the automaker must continue to show strong growth in China and other emerging markets, according to AFP.