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Boeing CEO Condit Quits
|Newly named Boeing President and CEO Harry Stonecipher (left), new Non-Executive Chairman Lew Platt (center), and former Chairman and CEO Phil Condit.||(Dec. 1, 2003) -- The Boeing Corporation announced today that its Board of Directors has accepted the resignation of Phil Condit, 62, as chairman and CEO.
In a written release, the company said, "After thorough deliberations, the board decided that a new structure for the leadership of the company is needed and named Lewis E. Platt, 62, as non-executive chairman and Harry C. Stonecipher, 67, as president and CEO, effective immediately."
Platt has been a member of Boeing’s board of directors for four years; he is a retired chairman of the board, president and CEO of Hewlett-Packard Company. Stonecipher retired from Boeing in 2002 after working closely with Condit for five years in several roles, including vice chairman, president and chief operating officer. Stonecipher also has served as a Boeing director for six years.
"Boeing is advancing on several of the most important programs in its history and I offered my resignation as a way to put the distractions and controversies of the past year behind us, and to place the focus on our performance," said Mr. Condit in a company release.
New CEO Stonecipher said, "We have the right strategy. The task before us is to execute. We need to strengthen our reputation with our customers, employees, investors and the communities in which we operate. Lew and I, and the entire board, are determined that the events of the last year no longer obscure the company’s strengths or distract us from what we need to do. Boeing is a great company with tremendous capabilities to define the future in each of our markets and deliver consistent, profitable growth."
"The board appreciates that Phil acted with characteristic dignity and selflessness in recognizing that his resignation was for the good of the company," said Mr. Platt, adding that "The board is in unanimous agreement that the company has been pursuing the right transformation strategy and that Boeing is in excellent financial condition."