Ford's new CEO will oversee the launch of the new F-150 line.

On July 1, Mark Fields will take over as chief executive officer for Alan Mulally, during a time when experts are projecting significant growth for the company in coming years. Mulally, an aerospace engineer, was integral in helping the company avoid bankruptcy filings and claims he has not made a decision on future plans. 

Fields is a 25-year veteran of the Ford company and has previously served as chief operating officer and Mulally's second-in-command, Reuters reports. Fields received the approval for the position by the company's board of directors on Wednesday. 

In the past, the automobile manufacturer has suffered through contentious rivalries between the Ford family and top managers. This time, Bill Ford, the executive chairman and great-grandson of founder Henry Ford, praised Mulally for both his accomplishments and the grace of his exit.

Mulally is best known for implementing the One Ford plan, which reduced expenses and included the sale of several luxury brands, including Jaguar, Land Rover, Volvo and Aston Martin. The restructuring provided a cash influx that allowed the company to survive the recession that crippled General Motors and Chrysler Group. 

According to the LA Times, Fields will be stepping up during an exciting time for the company. Ford is set to introduce a revolutionary aluminum-bodied model of its best-selling F-150 pickup truck meant to improve fuel efficiency by reducing weight. The company is also gearing up to release a new version of their Mustang coupe in the US and a new Focus sedan in European markets.

The transitions of leadership combined with the new ambitious product launches results in a trying time for the auto maker. At Xbig6, as expert consultants in organizational plan management and new product launches, we are excited to see how the company handles the transition.