Dow Chemical Chairman and Chief Executive Officer Andrew Liveris, Dow Corning President and CEO Stephanie Burns and Pella President and CEO Mary Andringa were also named to serve on the council, which is designed to advise Obama on how to reach the goal of doubling exports within the next five years.
The chairman of the committee, President, Chairman and CEO of Boeing James McNerney Jr., was announced in March.
Mulally's appointment brings the two back together. Mulally was an executive vice president at Boeing before taking his position at Ford.
With Wednesday's announcement, there are eight open seats left unfilled on the 38-member council that includes 10 members of Congress -- five from the House and five from the Senate -- and 10 heads of executive branch agencies.
In his remarks concerning the PEC Wednesday, President Obama said, "One thing we know is this growth won't come from an economy where prosperity is based on fleeting bubbles of consumption, of debt; it can't rely on paper gains."