Former Mazda Chief May Become Ford CEO in 2014

Ford Motor Co.'s board of directors is likely to promote Mark Fields, president of its America's unit, to chief operating officer when it meets on Thursday, Bloomberg News reports, citing an unidentified source.

The move would make Fields the heir apparent to CEO Alan Mulally, 67, who is expected to retire at the end of 2013, the news service says.

Investors have been anxious to know who will succeed Mulally, who is revered for rescuing Ford after his arrival in September 2006 from Boeing Co.

The new post would give Fields global responsibilities. As COO, he would work closely with Mulally on companywide issues before the latter retires.

Candidates to replace Fields in the Americas job include his rivals in the CEO succession contest, Joe Hinrichs, head of Asian operations, and Jim Farley, global marketing chief, according to Bloomberg. Hinrichs, who is highly regarded, is six years younger than Fields and could follow him as CEO.

Fields first came to prominence at Ford in 2000-2002 as CEO of Mazda Motor Corp., which Ford controlled at the time. After a stint in Europe, he took charge of Ford's Americas unit in 2005.