Even though Alan Mulally stated in late September that he is not planning to vacate his position as CEO of Ford Motor Company (NYSE:F
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), the company's board seems to be holding serious talks regarding his successor.
A source close to the company claim that at their monthly meeting the board discussed the eventual promotion of Mark Fields to CEO, Bloomberg reports. Fields is currently slated for a promotion from president of the Americas to the position of COO, as a stepping stone to his future position as CEO of Ford. The directors did not come out with a final resolution on the matter of succession, the source claims.
Despite the fact that Mulally stated that rumors surrounding his departure from the CEO spot can hardly hurt the stock, Adam Jonas, analyst with Morgan Stanley, thinks the uncertainty is "weighing on Ford's stock". Ford officially declined to comment on the matter of succession through a spokesperson, stating that such matters are handled with the gravity they require.
Whoever follows in Mulally's footsteps, investors are somewhat troubled about the exact course that he or she may take. The 'One Ford' policy being implemented by Mulally is changing the face of the company for good, it seems, with critical changes such as globalized development of products and severing Ford's connection with Euro luxury brands such as Aston Martin and Jaguar. According to Bloomberg's source, Mulally is expected to depart from the CEO spot around the end of 2013.
In other recent news, Ford declared their Q4 dividend which amounts to $0.05 per share of common stock. All previous quarters of 2012 saw the same figure in dividend payouts. Yesterday Ford stock climbed 16 cents to a close of $10.14, while competitor General Motors Company (NYSE:GM) rose 1.77%, to close 43 cents up.
IMPORTANT FORD UPDATE: October 12th 2012 - F is making a chart pattern that has been seen 3,826 times since the year 2000. 55.51% of the stocks that have made this pattern went up over 8% on average in a 20 day period. Watch the video to learn more about the probabilities of F stock moving up or down.
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