Mulally launching the Escort in Beijing earlier this week

Mulally launching the Escort in Beijing earlier this week

Speculation is continuing to swirl around what Ford CEO Alan Mulally will do next but it apparently won't be retirement golf in Florida.

Bloomberg News said on Wednesday he was expected to resurface at the top of a major corporation, probably as a board director or chairman. The news agency cited sources who know of Mulally's plans.

Two sources said Mulally had ruled out retirement golf or a post such as college president, wanted to remain a major player in the corporate world and was close to finalising the new job. That was why Ford was planning soon to announce the CEO's retirement, and current COO Mark Fields’s promotion to take over, the sources told Bloomberg.

"He’s in a great position, having accomplished what he did in Detroit, to go anywhere he wants," former Chrysler and Toyota executive Jim Press told Bloomberg.

"He could take the CEO role of another company or even a high- profile role in a company that had either trade associations or government relations. He could be very helpful in a private equity firm in terms of restructuring."

The sources added Ford may announce the timing of the change in CEOs as soon as 1 May.

Press, who now runs a vehicle retailer, told Bloomberg Ford might want to keep Mulally on in an advisory role but that wouldn’t be enough for Mulally who is energetic and eager to remain active.

"His capability is far beyond just being in a ceremonial or advisory role," Press said of the man who spent most of his career at Boeing. "He has the ability to move through many different industries. He wasn’t just a car guy."