Alan Mulally, the charismatic president and CEO of Ford Motor Company officially announced his retirement. On July 1, 2014, Mulally will step down as the boss of all Ford operation, and will be replaced by current COO Mark Fields.

Mulally is a celebrity in the automotive world, not because of his penchant for extravagance, but his amazing achievements. During his eight year at the helm of one of the biggest car makers in the world, he led Ford through one of the worst economic depressions the industry has ever experienced. And while it nearly bankrupted the other Detroit giants, Ford stood on its feet and didn’t even need government bailout to survive.

Under Alan Mulally, Ford achieved 19 consecutive quarters of profitability, developed the strongest product lineup in Ford’s history and embarked upon the company’s most ambitious global expansion in the past half century.

“From the first day we discussed Ford’s transformation eight years ago, Alan and I agreed that developing the next generation of leaders and ensuring an orderly CEO succession were among our highest priorities,” Executive Chairman Bill Ford said. “Mark has transformed several of our operations around the world into much stronger businesses during his 25 years at Ford. Now, Mark is ready to lead our company into the future as CEO.”

Mulally’s replacement Mark Fields has also been a key player in the company’s success in recent years. Since 2012, he has been leading all of Ford’s global business operations and most skill teams, including product development, manufacturing, purchasing, and marketing, sales and service.