3M CEO becomes Boeing CEO
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Manufacturing News, Source : TheManufacturer.com
Published : 30 Jun 2005 20:19
Aerospace giant Boeing announced today that its board of directors has elected 3M Chairman and CEO W. James McNerney Jr. as its chairman of the board, president and chief executive officer, effective July 1. He is the third Boeing CEO in 18 months.
James A. Bell, who had been serving as president and chief executive officer on an interim basis, will remain chief financial officer, and Lewis E. Platt will become lead director.
McNerney has served as chairman and chief executive officer of 3M since January 2001. Before joining 3M, he held top executive positions at the General Electric Company, including president and CEO of GE Aircraft Engines and GE Lighting; president of GE Asia-Pacific; and president and CEO of GE Electrical Distribution and Control. He has been a director of Boeing for three-and-a-half years, and is a director of Procter & Gamble.
“As a past business partner and as a Boeing director, Jim has deep knowledge of the aerospace industry and of Boeing,” Platt said. “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.”
In March 2005, Boeing’s board of directors asked for and received the resignation of its previous CEO, Harry Stonecipher, following an investigation of a personal relationship between Stonecipher and a female executive at the company. He had replaced Philip M. Condit, who resigned in December 2003 following a defense contract scandal.
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