Ford Motor Co. announced recently that Mark Fields is to replace Alan Mulally as CEO on July 1.

Executive Chairman Bill Ford said in a statement: “From the first day we discussed Ford’s transformation eight years ago, Alan and I agreed that developing the next generation of leaders and ensuring an orderly CEO succession were among our highest priorities.”

He added “Now, Mark is ready to lead our company into the future as CEO.”

Fields, 53, emerged as Mulally’s likely successor when he was promoted to COO in December 2012.

The 25-year veteran of Ford was tapped to become Ford’s No. 2 executive after leading the automaker’s North American operations from deep losses to record profits.

Bill Ford and Mulally said they mutually agreed to make Mulally’s departure a “clean break” as of July 1 rather than keeping an outgoing CEO on the company’s board.

Mulally arrived from Boeing in September 2006, and shortly afterwards he carried out a plan to borrow $23 billion to see the company through the rough times ahead.

The loan allowed Ford to avoid the bailouts and bankruptcies that befell the predecessors of General Motors and Chrysler.