Ford has seemingly settled on its current chief operating officer Mark Fields as its next CEO.
The company has reportedly claimed that Mullaly would stay CEO through 2014.
Field's appointment comes as no surprise as he had been in line for the CEO position for sometime now, and has been actively involved in the organization's international operations, according to The Verge.
The news comes shortly after General Motors announced Merry Barra as its new CEO.
Speculations were rife that Mullaly was to replace Steve Balmer as CEO of Microsoft.
Soon after Ford had announced Mullally as their CEO, Microsoft appointed Satyam Nadella as its next CEO.