Bill Ford will continue his duties as executive chairman of the company.

Mulally has spent 37 years at The Boeing Co., most recently as executive vice president. In addition, he has also been president and CEO of Boeing Commercial Airplanes since 2001. In that position he was responsible for all of the company's commercial airplane programs and related services, which in 2005 generated record orders for new business and sales of more than $22.6 billion. Mulally was named president of Commercial Airplanes in September 1998. The responsibility of CEO for the business unit was added in March 2001.