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April 21, 2014 AT 11:08 AM
Bloomberg reported citing two people familiar with the pending announcement, that Ford Motor Co. will name Chief Operating Officer Mark Fields as successor to Chief Executive Alan Mulally soon. Bloomberg said, Mulally will step down before the end of the year. Fields was named COO in December 2012. Ford may make an announcement as early as May 1. A Ford spokeswoman declined to comment on speculation.