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Who will replace Ford CEO Alan Mulally? Rumor has it top heads at Ford are asking that exact question and are preparing for Mulally’s exit in the near future.
According to The Wall Street Journal, Ford has commenced its search for its next CEO. The report states that the automaker is considering two current executives, Mark Fields and Joe Hinrichs. Fields currently sits atop Ford’s Americas unit, while Hinrichs oversees the automaker’s Asian operations. Additionally, two former Ford execs are in the running. The first is Hyundai Motor’s North American CEO John Krafick, who served in a number of product development roles during his 14-year career at Ford. The second is Phil Martens, who is currently CEO of Novelis Inc., an aluminum products company. According to Automotive News, Martens was also involved with Ford product planning.

Ford is denying the rumor.

“The Wall Street Journal story is false,” Ford said today in a statement. “As Bill Ford has consistently said, we will always consider both internal and external candidates for any succession plan, but we do not have a search under way for an external CEO successor.”

However, Ford Chairman Bill Ford Jr. recently told the Journal that his company “has a strong list of internal candidates and the board is pleased to support their further development. While our preference always will be to develop talent internally, we also survey the external environment for potential candidates as a regular course of action.”

The paper reports Mulally is scheduled to step down from his post in two years, after joining Ford in 2006 from the Boeing Company. Since then, Mulally has pulled the automaker from the red ink to its current string of profitable quarters. In third quarter of 2011 Ford has made a net profit of $1.65 billion.