Mulally to hand over Ford CEO job earlier than expected

Ford Motor Co on Thursday made official what investors and analysts had been waiting for - Chief Executive Alan Mulally this summer will pass the baton of leadership to Chief Operating Officer Mark Fields, six months earlier than expected. The 68-year-old Mulally is credited with transforming the No. 2 U.S. automaker from a money-loser to a company that expects to realize a pretax profit of up to $8 billion this year after joining in 2006 from Boeing Co. Ford's CEO change takes effect on July 1.

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