*** UPDATE ***
Ford says CEO Alan Mulally will retire July 1 and be replaced by Chief Operating Officer Mark Fields.
The company made the announcement in a news release Thursday morning.
Fields will also become a member of the automaker's board of directors.
The 68-year-old Mulally is credited with saving Ford Motor Co. from financial ruin after being hired away from Boeing in 2006.
Fields has been running the company's daily operations since December of 2012.
*** END UPDATE ***
Ford Motor Co. is expected to announce this morning that CEO Alan Mulally is retiring soon and will be replaced by Chief Operating Officer Mark Fields. Mulally and Executive Chairman Bill Ford have scheduled a news conference for 9 a.m. ET at the company's Dearborn, Michigan, headquarters. A company spokesman wouldn't comment on the purpose of the event. But there have been widespread reports that the 68-year-old Mulally would step down and be replaced by Fields. Mulally is credited with saving the company from financial ruin after Ford hired him away from Boeing in 2006.