Report: Ford to set CEO Alan Mulally's retirement date

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Ford will announce Alan Mulally is retiring as CEO by the end of the month and will name Mark Fields, currently the chief operating officer, to replace him, according to Bloomberg News, citing two unnamed sources.

CBNC says the switch announcement will likely be within a month, not necessarily by May 1, as Bloomberg is reporting. Ford is set to announcement quarterly earnings on April 25. The automaker's annual meeting comes May 8 at a hotel in Wilmington, Del.

Ford's Mark Fields delivers his keynote address at the 2014 New York International Auto Show at the Javits Convention Center in New York, April 16, 2014.(Photo: Richard Drew, AP)

The succession plan had previously been set by the automaker, so the interesting part of the announcement is the timing. Bloomberg says Mulally is expected to leave the company by the end of the year. He has already taken a lower profile at Ford lately, for instance skipping public appearances at last week's press preview of the New York Auto Show where the Ford Mustang was featured.

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