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Amid rumors that Ford Motor Co.’s (F - Analyst Report) president and chief executive officer Alan Roger Mulally may join Microsoft Corporation (MSFT - Analyst Report) as their CEO, the automaker’s board has reportedly decided to meet this week. Meanwhile, Ford said that Mulally will continue to work on his One Ford plan.

Mulally has been Ford’s president and CEO since Sep 5, 2006. He has helped the automaker to counter recessionary impacts and generate higher profits. During this tenure of seven years, Ford’s shares have gained 104.5% to $16.81 as of Oct 7, 2013.

What is crucial for Ford is to have a clear idea about its leadership. Chairman Bill Ford, Mulally himself and chief operating officer Mark Fields have hinted at no change of the top brass through 2014. Nonetheless, a definite decision will help having a smooth transition if Mulally leaves and will also help management plan the future of One Ford plan.

Ford’s accelerated product transformation plan One Ford is positively impacting the company. The foremost mission is to produce common vehicle models for all of its global segments within five years from now. Another key objective of the plan is to shift focus from trucks to small cars and deliver more vehicles from fewer core platforms. Ford already renewed 70% of its product line-up along with some discontinuations and has planned several new launches under the One Ford plan. Further, Ford expects to meet challenges in Europe and South America by executing its One Ford plan.

Ford currently has a Zacks Rank #1 (Strong Buy). Other major automobile stocks worth considering are Volkswagen AG (VLKAY) and General Motors Company (GM - Analyst Report). Both these stocks carry a Zacks Rank #2 (Buy).
 

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