Fields follows a legend leaving Ford in prime condition
22:09, 22 April 2014
NEW YORK. KAZINFORM When Mark Fields took charge of Ford Motor Co. (F)'s Americas operations nine years ago, it was a major repair job as they descended into record losses and almost dragged the company into bankruptcy.
Today, Ford's North American operations are the envy of the industry, earning a record operating profit of $8.78 billion last year and profit margins above 10 percent in an industry where 5 percent is respectable, Bloomberg reports. Now that Fields is poised to succeed Alan Mulally as chief executive officer, he's taking charge of an automaker in its prime. Ford earned $42.3 billion in the last five years after losing $30.1 billion from 2006 to 2008. Surging sales of Escape sport-utility vehicles, F-Series pickups and Fusion sedans helped drive Ford's U.S. sales up 11 percent last year. In China, the world's largest car market, Ford now outsells Toyota Motor Corp. (7203)Fields' greatest challenge is following Mulally. Details also at