New chief executive for Ford

Ford says its chief executive Alan Mulally will retire on July 1 and be replaced by chief operating officer Mark Fields.

The company issued a news release saying Mr Fields will also become a member of the car maker’s board of directors.

Mr Mulally, 68, is credited with saving Ford from financial ruin after being lured away from Boeing in 2006.

Mr Fields has been running the company’s daily operations since December 2012.