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It's Official: Ford Names Mark Fields Its Next CEO

Alan Mulally, the man who transformed Ford Motor Co. from a dysfunctional money-loser to a thriving company, will retire July 1 and be replaced by Mark Fields, the current chief operating officer. During his eight-year tenure at Ford, Mulally gambled all of the company's assets on a credit line that kept Ford out of bankruptcy, then used a simple "One Ford" plan to change the company's culture. He was hired away from aircraft maker Boeing Co. in 2006 by Bill Ford, who at the time was running the company. Fields, 53, has been in charge of Ford's daily operations since December of 2012 and was widely expected to one day ascend to the top job. The change in leadership is taking place about six months ahead of schedule, but Ford said that was based on Mulally's recommendation that the new leaders were ready. "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," Bill Ford said in a statement Thursday morning. Bill Ford, the company's executive chairman, is the great-grandson of company founder Henry Ford. Mulally, 68, was trained as an aeronautical engineer. He spent 36 years at Boeing - and was president of the company's commercial airplane division - when Bill Ford lured him to the struggling automaker eight years ago. Mulally overcame skepticism about being an outsider in the insular ranks of Detroit car guys by quickly pinpointing the reasons why Ford was losing billions each year. Mulally put a stop to the infighting that had paralyzed the company and instituted weekly management meetings where executives faced new levels of accountability and were encouraged to work together to solve problems. It took two years for Mulally to turn the company around, but since 2009, Ford has posted pretax profits of $34.5 billion and its shares have more than doubled. Fields was one of the executives passed over when Mulally got the top job in 2006. When he was named COO in 2012, Bill Ford said Fields' decision to stay at Ford and learn from Mulally showed a lot of fortitude and has made Fields a better leader. "There was a lot of speculation about whether he was capable. To his great credit, he stuck to it, he learned from it and showed tremendous fortitude in grinding through an incredibly difficult process," Bill Ford said. This marks the second change in leadership at the top of one of the Detroit automakers this year.

Ford recalls 300,000 Crown Vics over lighting module

The Basics: Ford is recalling 312,814 units of the Crown Victoria and Mercury Grand Marquis sedans from the 2003-2005 model years. They were built at the St. Thomas Assembly Plant between Oct. 3, 2001, and Aug. 2, 2005. Ford says 296,004 of those units are located in the United States, with another 14,714 in Canada and 2,096 in Mexico. The Problem: The solder joints on the lighting control module could crack, depriving the headlamps of the power they need to light the way ahead. That could increase the risk of a crash, particularly at night and in other low-visibility situations. Injuries/Deaths: Ford reports that it is aware of 11 accidents that resulted from the problem, leading to one injury described as "minor." The Fix: The manufacturer is instructing dealers to replace the entire lighting control module. If You Own One: Make sure your headlights are working before getting under way. If they're not, avoid driving under low-light conditions, including at night, in heavy precipitation, or in fog. Ford Issues Three Safety Recalls and One Safety Compliance Recall in North America DEARBORN, Mich., Dec. 22, 2015 – Ford Motor Company is issuing three safety recalls and one safety compliance recall in North America. Details are as follows: Ford Motor Company issues safety recall for certain 2003-2005 Ford Crown Victoria and Mercury Grand Marquis vehicles to replace lighting control module Ford Motor Company is issuing a safety recall for approximately 313,000 2003-2005 Ford Crown Victoria and Mercury Grand Marquis vehicles to replace a lighting control module. The solder joints on the module could crack and interrupt power to the headlamps – increasing the risk of crash at night. Ford is aware of 11 reports of accidents and one report of a minor injury related to this issue. Affected vehicles include certain 2003-2005 Ford Crown Victoria and Mercury Grand Marquis vehicles built at St. Thomas Assembly Plant, Oct. 3, 2001 through Aug. 2, 2005. There are a total of 312,814 vehicles that might be affected in North America, including 296,004 in the United States and federalized territories, 14,714 in Canada and 2,096 in Mexico. Dealers will replace the lighting control module at no cost to the customer. Ford issues safety recall for certain 2016 Ford F-650 and F-750 vehicles to replace rear air brake chamber Ford is issuing a safety recall for 177 2016 Ford F-650 and F-750 vehicles to replace the rear air brake chamber.

Weekly Recap: Ferrari, Ford and Porsche power up for Geneva

Monday was Groundhog Day. Tuesday, apparently, was Sports Car Day. The Ferrari 488 GTB, the Ford Focus RS and the Porsche Cayman GT4 all debuted within hours of each other ahead of their rollouts at the Geneva Motor Show. Three sporty machines, three vastly different approaches – and a lot of implications for enthusiasts. That's a day worth repeating. It also illustrates the opportunities automakers see in the performance market, which is expected to grow in the coming years. Ford estimates the segment has expanded 14 percent in Europe and surged 70 percent in North America since 2009. The Detroit Auto Show was evidence of this, and performance cars of every stripe debuted, including the Acura NSX, Ford GT, Alfa Romeo 4C Spider and several others. This isn't a fad. Performance cars aren't going away. The question is why? Stricter CAFE standards are looming in the United States, as are tighter emissions regulations in Europe. And no one expects gas prices to remain low in America. None of this matters for sports cars, and automakers are increasingly using them to elevate their images. That's why Dodge rolled out two 707-horsepower Hellcats last year. It's why Ford has decided to resurrect the GT for road and track. It's why in the depths of bankruptcy, General Motors continued work on the Chevrolet Corvette Stingray, not to mention the Z06. "Great brands are made one car at a time," Ford of Europe president Jim Farley said at the reveal of the Focus RS. Still, companies make those cars for different reasons. View 5 Photos Mainstream brands like Ford and Dodge want to build cars that get people talking, excite their bases and drive more potential customers into the showroom. They probably don't buy a Focus RS or a Hellcat, but suddenly the regular Focus hatch looks a bit hotter, and that V6 Charger seems to be just a touch more muscular. The halo of performance is alive and well in the eyes of automakers and their customers. "It's one of the most effective catalysts for ingenuity and innovation," said Joe Bakaj, vice president of product development for Ford of Europe. That also leads to a trickle-down effect. Some of the technologies inevitably make their way to other products. It's hard to think the new all-wheel-drive system in the Focus RS that distributes torque front to rear and side to side won't be used in other vehicles. It's different for Ferrari and Porsche.