WASHINGTON — Ford president and CEO Alan Mulally has been named "2011 Chief Executive of the Year" by peers.

"The success he showed in the face of incredible difficulty was just extraordinary," said James Turley, chairman and CEO of Ernst & Young and member of the 2011 selection committee. "The foresight he showed throughout the process, the courage he showed in making some tough decisions on popular brands, the global mindset he showed, and above all, the statesmanship he showed when two major competitors were on the public dole shows he was thinking for the good of the country as well as his company and industry."

Nominations for CEO of the Year were garnered from among the 147,000 readers of Chief Executive magazine, reported The Detroit News. The 10 most frequently cited nominations were evaluated and a winner voted upon at a meeting of a peer selection committee, which took place earlier this year in New York City.

Mulally said by email he was appreciative of the honor. "So neat for our extended Ford enterprise and our industry," he said. "An industry that is so important for so many people and our country."

Mulally succeeds Monsanto CEO Hugh Grant, who was honored last year.

"The turnaround and triumph of Ford is an amazing success story, due largely to his talents, leadership and courage," Grant said. "It's a turnaround not only of an American icon but more importantly, a global icon, as well."

Prior CEO of the Year winners include Bill Gates, Jack Welch, Michael Dell, A.G. Lafley, John Chambers, Anne Mulcahy, Larry Bossidy, Andy Grove and Herb Kelleher.

Mulally's selection as 2011 CEO of the Year will be celebrated at an invitation-only event hosted by NYSE Euronext and the Chief Executive Group at the New York Stock Exchange in July.