DEARBORN, Mich. -

Ford says CEO Alan Mulally will retire July 1 and be replaced by Chief Operating Officer Mark Fields.

Under Mulally's leadership, Ford was able to avoid the bankruptcy and subsequent bailout that wiped out shareholders at General Motor and Chrysler Group.

Read: Mark Fields expected as next Ford CEO

The company shed weaker brands such as Volvo, Land Rover and Mercury, revitalized the lineup of its core Ford brand and secured a financing package that allowed the automaker to ride out the 2008 economic meltdown.

Ford's recovery was marked by $7.2 billion in earnings in 2013. Profits were healthy enough to pay all the hourly factory workers a record profit-sharing bonus of about $8,800 each.

The company recaptured its position as the No. 2 automaker in terms of U.S. sales from Toyota, behind only GM.

During his tenure at Ford, Mulally received a total compensation package of $44.2 million through 2013, including base salary of $13.5 million, and cash bonuses of $30.8 million.

Ford CEOs from 1903 - present

Published On: Apr 21 2014 04:37:11 PM EDT   Updated On: Apr 21 2014 04:42:13 PM EDT
The ten men who've run the iconic automaker.
John S. Gray
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John S. Gray was the founding president of Ford Motor Company. Gray ran the company from 1903-1906. Henry Ford initially served as the company's vice-president.