Ford is close to announcing current Chief Operating Officer Mark Fields as its next CEO, according to Bloomberg.

The motor company is expected to announce current CEO Alan Mulally's departure date as soon as May 1, sources familiar with the matter told Bloomberg.

Mulally, who is retiring, has previously said that he'd stay with Ford through 2014.

Mulally came to Ford from Boeing in 2006 and is credited with saving Ford from bankruptcy and adding fuel-efficient vehicles to the compnay's lineup.

Fields has worked for Ford for 25 years. When Ford directors began discussing a succession plan in 2012, Fields was thought to be the most likely choice for the next CEO of the company.

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