Report: Ford Poised to Tap Fields as Next CEO

Ford Motor Co. has decided COO Mark Field will succeed CEO Alan Mulally, and the company could announce the appointment as early as May 1, says Bloomberg News, which cites unidentified sources.

Fields has been considered the front-runner since he was promoted from president of the Americas to COO last December.

Mulally's departure has been rumored for months. The 68-year-old executive successfully averted a possible Ford bankruptcy, cutting costs, streamlining the company's product development process and unifying its corporate culture around his "one Ford" global focus.