Putting the ongoing speculations to rest, Ford Motor Co. (F - Analyst Report) CEO Alan Mulally in an interview with Associated Press announced his decision to stay with the automaker at least till 2014-end. Mulally was rumored to be in talks to become the next CEO of Microsoft Corporation (MSFT - Analyst Report), following the departure of Steve Ballmer.
While both Mulally and Ford had earlier given statements about his plans to stay with the automaker till the end of 2014, it was rumored that he would change plans once he received an offer from Microsoft. The speculations were overshadowing the media coverage of Ford’s business operations, which was not going down well with some board members. The issue was also discussed in a board meeting last month, according to some media reports.
However, Mulally has finally put an end to the rumors and stated that the investors of Ford need not worry about him leaving the company. Nevertheless, he is slowly handing over the leadership to Chief Operating Officer Mark Fields, who is likely to succeed him once his term ends.
68-year old Mulally has been Ford’s president and CEO since Sep 5, 2006. He has helped the automaker counter recessionary impacts, avoid bankruptcy and eventually generate higher profits. Prior to Ford, Mulally was part of The Boeing Company (BA - Analyst Report).
Microsoft Chief Operating Officer Kevin Turner, and executives Satya Nadella and Tony Bates are potential candidates for the position of CEO at Microsoft. Former Nokia Corporation (NOK - Analyst Report) CEO Stephen Elop is also considered a contender.
Ford currently carries a Zacks Rank #4 (Sell).