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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.

GM, Ford, FCA and the UAW form joint coronavirus task force

General Motors, Ford and Fiat Chrysler are forming a coronavirus task force along with the United Auto Workers union to improve protections for their employees and limit the spread of the highly contagious virus. The task force, which would be focusing on areas including vehicle production plans, is being headed by UAW President Rory Gamble, GM Chief Executive Officer Mary Barra, Ford CEO Jim Hackett, Ford Executive Chairman Bill Ford and FCA CEO Michael Manley, the parties said in a joint statement on Sunday. Though automakers typically schedule plant staffing to allow for a certain proportion of absent workers, according to industry consultants, if the outbreak causes higher levels due to infection or workers staying home to care for children whose schools are closed, that could lead to reduced production or in extreme cases shutdowns. Production at an FCA assembly plant in Canada was halted for 24 hours after employees there refused to work on Thursday over fears of an employee being possibly exposed to the coronavirus. Separately on Thursday, the Italian-American automaker said that one of its employees had tested positive for COVID-19, a respiratory disease caused by the new coronavirus, at its transmission plant in Indiana. The plant, however, remained open. "This is a fluid and unprecedented situation, and the task force will move quickly to build on the wide-ranging preventive measures we have put in place," the CEOs of the three companies said in the statement. The task force would also be focusing on aspects such as health and safety education, health screening, food service at the automakers' locations. Related Video: Government/Legal Plants/Manufacturing UAW/Unions Chrysler Fiat Ford GM coronavirus

2015 Shelby GT bows in Scottsdale with 627 supercharged ponies

Between the base V6, the EcoBoost turbo four, the eight-cylinder GT, the monstrous GT350 and the new GT350R (to say nothing of transmission and convertible options), muscle-car enthusiasts have a staggering array of Mustangs to choose from. And now there's one more as Shelby American has introduced the new 2015 Shelby GT. Building off the success of the 2007 Shelby GT and the 2013 follow-up, the new 2015 model was just introduced at the Ford booth at Barrett-Jackson in Scottsdale, AZ. It's based on the latest Mustang GT (whether factory fresh or commissioned from an owner's existing pony car) but upgrades with an enviable list of enhancements from Ford Racing Performance Parts, Shelby's own upgrades and top-shelf third-party components. For starters, the engine is supercharged up to 627 horsepower (with over 700 available through further upgrades). It's got 3.73 gears, a Borla exhaust, WELD Racing wheels, Michelin tires and Wilwood six-piston front brakes. Visual enhancements include a carbon-fiber body-kit (including a two-piece rear diffuser) and billet aluminum front grilles. Designed from the get-go to be sold around the world, the 2015 Shelby GT is certified for use in all 50 states and comes with a Shelby American CSM number registered in the company's registry, but all those enhancements don't come cheap: Shelby's charging $39,995 for the new GT, and that's just for the modifications. Add that to the $32k sticker on a Mustang GT donor and you're looking at over $70k – which is not only more than Ford itself is expected to charge for its own GT350, but more than Dodge gets for a Challenger Hellcat. Related Video: SHELBY AMERICAN LAUNCHES 2015 SHELBY GT MUSCLE CAR FOR ENTHUSIASTS WORLDWIDE LAS VEGAS – Jan. 16, 2015 – Shelby American, a wholly owned subsidiary of Carroll Shelby International Inc. (CSBI:PK), launched the first global Shelby GT muscle car, which is based on the all-new 2015 Ford Mustang GT. One of the most popular cars in Shelby history the 627 HP 2015 Shelby GT was unveiled today at the Barrett-Jackson Scottsdale Auction in Ford Motor Company's booth. Shelby is now taking orders with delivery of cars planned for the beginning of the second quarter of 2015.