Boeing President and CEO Harry Stonecipher was asked by the Board of Directors to resign from the company and he has done so.
The Board has appointed CFO James A. Bell, 56, as president and CEO on an interim basis, with Board Chairman Lew 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 Board actions were taken following an investigation by internal and external legal counsel of the facts and circumstances surrounding a personal relationship between Stonecipher and a female executive of the company who did not report directly to him. The Board determined that his actions were inconsistent with Boeing’s Code of Conduct.
“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,” he said.
The Board ordered an immediate and comprehensive investigation of the matter after 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.
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. He oversees all company financial matters and will continue in this role during the interim period.
Murdok | Breaking eBusiness News
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