Boeing dismisses CFO Sears, and Darleen Druyun
I think Boeing need to brush up their corporate governance. This seems to be becoming a nasty habit following on from their satellite fines.
Boeing dismisses CFO Sears, and Darleen Druyun
(24Nov03, 14:18 GMT, 213 words)
Boeing has dismissed CFO Mike Sears for unethical conduct in relation to the circumstances surrounding the hiring of former US Government official Darleen Druyun as deputy general manager of its Missile Defense Systems unit.
Sears, who had been tipped as a potential successor to Boeing CEO Phil Condit, will leave the company with immediate effect. Druyun has also been dismissed.
She has been at the centre of allegations that Boeing was passed Airbus pricing information related to its bid to sell A330 tankers to the USA in competition with the Boeing 767 – something that the company denies. Today’s announcement does not link the dismissals to that matter.
Boeing says in a statement: “Sears was dismissed for violating company policies by communicating directly and indirectly with Druyun about future employment when she had not disqualified herself from acting in her official government capacity on matters involving Boeing. In addition, an internally initiated review found both attempted to conceal their misconduct.”
Condit says “compelling” evidence of the misconduct has emerged over the last two weeks. "Upon review of the facts, our board of directors determined that immediate dismissal of both individuals for cause was the appropriate course of action,” he says.
The company has named James Bell, SVP finance and corporate controller, as acting CFO.