CHICAGO — Boeing named Dennis A. Muilenburg as the company's new CEO, succeeding James (Jim) McNerney, Jr. as he goes into retirement.
QUICK FACTS:
- McNerney remains board chairman; Muilenburg joins board
- Conner continues as vice chairman
- Succession rigor, timeline to aid smooth transition
Muilenburg, who has served as Boeing president and chief operating officer since 2013, becomes president and CEO on July 1.
McNerney, who joined Boeing's board of directors in 2001, continues as its chairman. He will continue working as a company employee until retiring at the end of February 2016, to ensure a smooth transition.
"Dennis is an extremely capable, experienced and respected leader with an immense passion for our company, our people, and our products and services," said McNerney in a news release.
CEO Raymond L. Conner, 60, remains in charge of the $60 billion Commercial Airplanes unit and will serve as sole company vice chairman
Muilenburg, 51, is a 30-year company veteran.
McNerney, 65, was elected Boeing chairman, president and chief executive officer in 2005.
Boeing's news release detailed both of their careers:
"During his tenure, the company recaptured the global lead in commercial airplane deliveries with steady increases in production and a comprehensive update of its product line; maintained a strong position in defense markets despite a downturn in U.S. military spending; restored Boeing's historic leadership in human spaceflight with major new program wins; and expanded its engineering and manufacturing footprint inside and outside the United States.<br/><br/>"Also, with a relentless focus on internal productivity to fund investments in innovation and growth, Boeing's financial performance steadily improved under McNerney, with revenue rising 73 percent to a record $90.8 billion last year from $52.5 billion in 2004, the year before he became CEO. Backlog and earnings per share tripled over the period, also to record levels.<br/><br/>"In his most recent role, Muilenburg shared with McNerney oversight of day-to-day business operations with a focus on the company's growth and productivity initiatives, key customer relationships and leadership-development programs. Prior to that he served since 2009 as president and CEO of Boeing Defense Space & Security, the company's $31 billion, 53,000-person business unit headquartered in St. Louis. Previously, he was president of the unit's Global Services & Support business, and before that, he led Boeing's Combat Systems division.<br/><br/>"Muilenburg joined Boeing's engineering ranks as an intern in Seattle in 1985. He earned a bachelor's degree in aerospace engineering from Iowa State University and a master's in aeronautics and astronautics from the University of Washington. He held numerous program management and engineering positions of increasing responsibility early in his career, including on the company's High Speed Civil Transport, F-22, Airborne Laser and Condor reconnaissance aircraft."
KIRO
