Boeing Chairman and CEO Philip M. Condit resigns
Adjust font size:
Manufacturing News, Source : TheManufacturer.com
Published : 01 Dec 2003 16:39
Philip M. Condit, chairman and chief executive officer of Chicago-based aerospace and defense giant Boeing, resigned unexpectedly today.
Condit’s resignation comes one week after the firing of Boeing’s chief financial officer Mike Sears for unethical conduct. Boeing had claimed that Sears had negotiated the hiring of an Air Force missile defense expert, Darlene Druyun, while she was still working for the Pentagon and could influence defense contracts. Druyun was also fired last week.
The Boeing announcement made no direct mention of last week’s firings. Former Hewlett-Packard president and CEO Lewis Platt was named non-executive chairman, and former Boeing president and COO Harry Stonecipher was named president and CEO.
"Boeing is advancing on several of the most important programs in its history and I offered my resignation as a way to put the distractions and controversies of the past year behind us, and to place the focus on our performance," Condit said in a statement.
Condit had been CEO of Boeing since 1996 and chairman of Boeing since 1997. He oversaw the $3.2 billion acquisition of Rockwell Aerospace in 1996, the merger with aerospace company McDonnell Douglas in 1997, and the $3.75 billion acquisition of Hughes Electronics Space and Communications in 2000. Boeing is the world's largest aerospace company and the single largest US exporter, with 2002 revenues of more than $54 billion.
[See the executive profile of Philip M. Condit in the November 2003 issue of The Manufacturer.]
Comments on this story
click here to add a comment
You must be registered & logged in to add comments
already have an account and just want to login?
Related Content
Guest Editorial: Checklist - Seven Recommendations for Improved Profits
by Abbott A. Imberman, PhD, Professor of...
more…
FKI LOGISTEX OPENS NORTH AMERICAN TECHNOLOGY & EDUCATION CENTER (TEC)
(St. Louis, Missouri, USA: July 10, 2007) FKI...
more…
Guess selects the tradecard platformand SourceView suite to optimize global trade
NEW YORK, July 10, 2007 – TradeCard Inc., the...
more…
Kimberly-Clark Professional Crosses Final Touchless Frontier With Introduction of First Electronic Bath Tissue Dispenser
ROSWELL, Ga. (July 9, 2007) – Kimberly-Clark...
more…
Boeing Celebrates the Premiere of the 787 Dreamliner
EVERETT, Wash., July 08, 2007 -- Today, Boeing...
more…
no comments yet...