Ford names Mark Fields as chief exec

The No. 2 man has become No. 1.

Ford Motor Co. (NYSE: F) Chief Operating Offer Mark Fields, 53, is set to take over for current CEO Alan Mulally, 68, beginning July 1.

The Wall Street Journal reports Fields will face a very different set of challenges than those his current boss has tackled over the last eight years.

When Mulally arrived in 2006, the second largest U.S. auto maker's main troubles were inside the company – a dysfunctional culture, mounting losses, poor product quality and unending turf battles that hamstrung its performance. Now, the company looks to expand, the journal reports.

Read more from the Wall Street Journal.