The announcement moves up by six months the time-frame for the departure of Mulally, 68, a former Boeing executive credited with turning the company around.
"Alan and I feel strongly that Mark and the entire leadership team are absolutely ready to lead Ford forward, and now is the time to begin the transition," executive chairman Bill Ford, who recruited Mulally from Boeing in 2006 said in a statement.
"Alan deservedly will be long remembered for engineering one of the most successful business turnarounds in history," Bill Ford said.
Meanwhile CEO Mulally oversaw strategic development, and Ford at the time said he was expected to remain in that job "through at least 2014."
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In late 2013 and early 2014, Mulally was frequently mentioned as a candidate to lead Microsoft, but the software giant ultimately turned inward for a new CEO, choosing Satya Nadella.