Update: 9:33am
Fields thanked Mulally for leaving "this gift of a transformed Ford."
Mulally said that he hasn't decided what he will do after retiring in July.
8:42 am
Ford Motor Co. announced this morning that CEO Alan Mulally is retiring on July 1 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. at the company's Dearborn, Michigan, headquarters. Michigan Radio's Tracy Samilton will be there.
Mulally is credited with saving the company from financial ruin after Ford hired him away from Boeing in 2006.
Fields will also become a member of the automaker's board of directors.
Fields has been running the company's daily operations since December of 2012.
