3M Honcho James McNerney Gets The Job
Boeign Thursday announced it's hired 3M CEO James McNerney as
its CEO, replacing Harry Stonecipher, who resigned under fire in
the midst of a sex scandal.
McNerny goes to work July 1st. James A. Bell, who has served as
president and chief executive officer on an interim basis, will
remain chief financial officer, and Lewis E. Platt will become lead
director.
"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," Platt said. "Jim
met all the board's criteria. He is, in the unanimous judgment of
our board members, the ideal person to lead Boeing."
McNerney (right), 55, 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. In
addition, he served as executive vice president of GE Capital,
which plays an important role in the commercial aviation industry
as a provider of airplane leasing and financing services. He has
been a director of Boeing for three-and-a-half years and is a
director of the Procter & Gamble Co.
"As a past business partner and as a Boeing director, Jim has
deep knowledge of the aerospace industry and of Boeing," Platt
added. "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.
"Jim wins respect for his integrity, ethical leadership and
personal business style wherever he goes. We look forward to the
next phase of Boeing's growth with Jim leading our team," Platt
said.
"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.
"As a current board member, I have come to know our leadership
team and have developed an enormous respect for them and for the
people of Boeing. I look forward to working with all of them as we
realize Boeing's considerable potential," McNerney added.
"On behalf of the entire board I want to thank the leadership
team and employees of Boeing for their extraordinary work during
the past several months," Platt said. "The board extends its deep
appreciation to James Bell, who stepped up at a crucial time. As
interim CEO, his leadership kept the company on track and moving
forward while continuing in his role as CFO. As we move forward,
James will be a valuable partner to Jim.
"We are also very grateful for the performance delivered by Jim
Albaugh and Alan Mulally, and their teams at Integrated Defense
Systems and Commercial Airplanes. It's clear that we have
extraordinary people in place across the company, and we are
looking ahead with great confidence in Boeing's future."