Former GE Aircraft Engine Head Becomes New Boeing CEO
Boeing has elected a replacement for CEO Harry Stonecipher, who resigned after having an affair with an executive of the company. That replacement is the former head of GE’s aircraft engine unit, W. James McNerney, Jr.
McNerney will take over as Boeing’s president, CEO, and chairman of the board effective July 1. McNerney is coming straight from 3M where he was the CEO.
3M will be looking for a replacement for McNerney inside and outside of the company. In the meantime, they have a former executive of PepsiCo and Quaker Oats filling in.
“Boeing’s businesses are performing very well, and the board sought a CEO with the experience and credentials necessary to sustain that momentum and take the company to the next level,” said Mr. Platt. “Jim met all the board’s criteria. He is, in the unanimous judgment of our board members, the ideal person to lead Boeing.”
55-year-old McNerney has been a member of Boeing’s board since 2001. James A. Bell has served as president and CEO on an interim basis, since former CEO Harry Stonecipher resigned after having an affair with an executive. Bell will remain the company’s Chief Financial Officer, while Lewis E. Platt becomes the lead director.
“As a past business partner and as a Boeing director, Jim has deep knowledge of the aerospace industry and of Boeing,” said Platt. “He has a proven track record as a leader of complex global businesses, has gained significant experience working with a wide range of our government and commercial customers, and throughout his career has demonstrated an ability to deliver results even in the most challenging business environment.
“Boeing is the world’s leading aerospace company with a rich tradition and a bright future,” said McNerney. “I intend to ensure that we continue to harness the innovative energy of our people and the cutting-edge technologies they are developing. Our financial position is strong, and we have proven the logic of our strategy. My job is to make sure we deliver continued profitable growth by consistently meeting the requirements of our diverse customers with outstanding new products and superior service, and I look forward to meeting that challenge.”
Boeing’s new 787 has recently been getting many orders from airlines in the U.S. as well as internationally. Rival Airbus is holding off on the 787’s direct competitor as it concentrates on its superjumbo.