Boeing CEO ousted over relationship with female executive
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Manufacturing News, Source : TheManufacturer.com
Published : 07 Mar 2005 16:37
Boeing announced today that its board of directors asked for and received the resignation of President and CEO Harry Stonecipher on Sunday, following an investigation of a personal relationship between Stonecipher and a female executive of the company.
The board ordered a comprehensive investigation of the matter after Board Chairman Lew Platt received information that was sent anonymously to him and to the company’s legal and ethics leaders 10 days ago. The investigation determined the relationship was consensual and had no effect on the conduct of the company’s business. The investigation also determined that neither the career nor the compensation of the female executive was influenced by this relationship. However, the board determined that Stonecipher’s actions were inconsistent with Boeing’s Code of Conduct.
The board has appointed CFO James A. Bell as president and CEO on an interim basis, with Platt assuming an expanded role in his capacity as non-executive chairman. Stonecipher will also leave the company’s board. All changes are effective immediately.
“The board concluded that the facts reflected poorly on Harry’s judgment and would impair his ability to lead the company,” said Platt. “The resignation was in no way related to the company’s operational performance or financial condition, both of which remain strong. However, the CEO must set the standard for unimpeachable professional and personal behavior, and the board determined that this was the right and necessary decision under the circumstances.”
Bell is a 32-year veteran of the company who has served as Boeing CFO and as a member of the company’s Executive Council since November 2003. Candidates both inside and outside the company are being considered in the search for a new CEO. Bell, who is not a candidate, will serve until that process is completed.
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