Ford Motor Co. directors are preparing to promote Mark Fields to chief operating officer from president of the Americas, a move that anoints him as probable successor to Chief Executive Officer Alan Mulally, according to a person familiar with the plan.
Lewis Booth, retiring April 1 as Ford Motor Co.’s chief financial officer, said the automaker may lose $500 million to $600 million this year in Europe where the financial crisis is exacerbating industrywide overcapacity.
Ford Motor Co. said growth in Asia and increasing demand for small cars will boost global sales 50 percent to 8 million vehicles annually by 2015 as the automaker switches gears from restructuring to expansion.
Lewis Booth, Ford Motor Co.’s chief financial officer, plans to retire in the first half of this year, clearing the way for Chief Executive Officer Alan Mulally to step up efforts to groom the next CEO, according to two people familiar with the plan.
Ford Motor Co. posted fourth-quarter profit that fell short of analysts’ estimates as overseas operations dragged down results while a one-time tax gain resulted in the company’s biggest annual profit since 1998.
Ford Motor Co. , the world’s most profitable automaker, is generating enough cash to pay off billions in debt after reporting third-quarter net income of $1.69 billion, the most in its 107-year history.