After two top Ford Motor Company executives announced their retirement plans last week, Mark Fields, the automaker’s market chief for North and South America might have had reason for celebration, speculates an industry trade journal.
The announcement that CFO Lewis Booth and product development head Derrick Kuzak will retire on April 1 could benefit Fields, who has long been considered a candidate for the CEO position whenever Alan Mulally steps down. While Mulally has continually reiterated that he has no immediate plans to leave the automaker he was instrumental in turning around, Automotive News suggested that the departures of Booth and Kuzak could pave the way for Fields’ path to the throne.
Kuzak will be replaced by Bob Shanks, a “longtime associate of Fields.” The two worked together at Mazda and at Ford’s European offices. Kuzak will be replaced by Ford VP of global product development engineering Raj Nair, who has also reported directly to Fields in the past.
Analysts speculate that Fields, Shanks and Nair are being “groomed” to replace Mulally, Booth and Kuzak, Ford’s three most powerful executives.
“Our view is the appointment of Shanks as CFO almost seals the deal that Fields will succeed Mulally,” Morgan Stanley chief auto analyst Adam Jonas said. “Shanks had been like Fields’ personal CFO, if you will.”
Still, Fields faces internal competition from Ford Motor China CEO Joe Hinrichs, whose work in boosting Ford’s sales in Asia are being closely watched by the automaker’s directors. If Hinrichs can successfully grow Ford’s efforts in the fast-growing Chinese market, where the automaker is constructing seven assembly plants, he could very well catapult past Fields for the top position.
