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May 02, 2014 AT 11:14 AM
Ford Motor’s new chief executive understands challenge. Shortly after announcing that chief operating officer Mark Fields will take over when he retires July 1, CEO Alan Mulally was quick to share credit with the 53-year-old Fields for helping to save the second-biggest domestic automaker. Coming into Ford eight years ago from Boeing, Mulally says he considered a “smooth and orderly” management transition to be one of his key goals, along with a plan to switch the maker from what was essentially a conglomeration of semi-autonomous regional fiefdoms into a truly global manufacturer.