Boeing at X-Roads?
Boeing CEO Dave Calhoun will step down at the end of the year, the company said in an announcement Monday.
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With various folks leaving the top positions, the question I ask is "what other talent is leaving at the lower echelons?"
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Selecting Stephanie Pope will not be a good move since she is an accountant. There is nothing wrong with her background for Finance but Boeing desperately needs engineering and management talent, not more finance and accounting. This assures we will not see Being resuscitated with the excellence they once had.
Sad!
Sad!
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Selecting Stephanie Pope will not be a good move since she is an accountant. There is nothing wrong with her background for Finance but Boeing desperately needs engineering and management talent, not more finance and accounting. This assures we will not see Being resuscitated with the excellence they once had.
Sad!
Sad!
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If they had any skill at managing a business they wouldn’t have presided over the shambles that Boeing has become, they should have read the signs and acted.
I would hope no parachute payments, and it’s immediate so I would say from this side of the pond they have been sacked / dismissed. I pretty sure they will not be working again with this debacle on their CV but you never know.
As to who takes over I agree the last thing you want is another Bean counter or Lawyer.
Cheers
Mr Mac
I would hope no parachute payments, and it’s immediate so I would say from this side of the pond they have been sacked / dismissed. I pretty sure they will not be working again with this debacle on their CV but you never know.
As to who takes over I agree the last thing you want is another Bean counter or Lawyer.
Cheers
Mr Mac
Concur with posts #550-554. The airline I worked for always had at least one "tech rep" based at the manufacturer (regardless of which manufacturer) when "our" new a/c were going down the line - start to finish.
In addition, it MAY not apply to long-standing 737 operators, but AFAIK all manufacturers have/had specially-trained tech reps who were based with the customer for the 1st year or so of operating a new type. I guess not applicable to Alaska AL or United, but for example, in cases of checking the plug of a/c already in service, that tech rep would have been very hands-on with supervising the customer's own staff doing those checks.
In addition, it MAY not apply to long-standing 737 operators, but AFAIK all manufacturers have/had specially-trained tech reps who were based with the customer for the 1st year or so of operating a new type. I guess not applicable to Alaska AL or United, but for example, in cases of checking the plug of a/c already in service, that tech rep would have been very hands-on with supervising the customer's own staff doing those checks.
I would love for the HQ to move back to Seattle but this would send a signal that they put their focus on the commercial side of things. And although it has generated the most revenue ($36 billion as opposed to $24 billion for Defense and $18 billion for Global Services in 2023) Boeing doesn't want to be identified as a commercial planemaker only. Plus, I doubt the state of Washington can provide the company the kind of tax incentives Illinois has or will continue to.
Boeing has since moved it headquarters to Washington D.C.
Paxing All Over The World
Boeing CEO Dave Calhoun to step down in wake of ongoing safety problems
Boeing CEO Dave Calhoun said Monday he intends to leave the beleaguered company by the end of the year in a major shakeup of the company’s leadership. Boeing’s chairman and the head of the commercial airplane unit are also leaving.
Boeing’s chairman, Larry Kellner, will not stand for re-election as a board director. The board has elected former Qualcomm CEO Steve Mollenkopf to succeed him.
The company also announced that Stan Deal, CEO of Boeing Commercial Airplanes, is retiring. Stephanie Pope, Boeing’s chief operating officer since January, is taking his place effective immediately.
Boeing CEO Dave Calhoun said Monday he intends to leave the beleaguered company by the end of the year in a major shakeup of the company’s leadership. Boeing’s chairman and the head of the commercial airplane unit are also leaving.
Boeing’s chairman, Larry Kellner, will not stand for re-election as a board director. The board has elected former Qualcomm CEO Steve Mollenkopf to succeed him.
The company also announced that Stan Deal, CEO of Boeing Commercial Airplanes, is retiring. Stephanie Pope, Boeing’s chief operating officer since January, is taking his place effective immediately.
Calhoun only leaves 'by the end of the year' ...??
these guys are good bsuienss men but to run a company like boeing which has overriding issues compared to shareholder value like SAFETY which mostly doesnt come into busiens in the way aviation does.
They dont need huge pay offs they made sure they got vast amounts of money out of Boeing already in basic compensation bouses and stock and they got that based on meeting or exceeding the WRONG targets and the targets set by the board and the board are every bit as guilty as these people and most of them should step down.
But Ia gree anyone from legal or accounting need not apply when it comes toa successor -they should be an industry person be it engineer, project manager or even a marketing person and they should be given targets that focus on quality and safety
They dont need huge pay offs they made sure they got vast amounts of money out of Boeing already in basic compensation bouses and stock and they got that based on meeting or exceeding the WRONG targets and the targets set by the board and the board are every bit as guilty as these people and most of them should step down.
But Ia gree anyone from legal or accounting need not apply when it comes toa successor -they should be an industry person be it engineer, project manager or even a marketing person and they should be given targets that focus on quality and safety
Did you read what you posted in your original post. "In addition to these changes, Boeing Commercial Airplanes President and Chief Executive Officer Stan Deal will retire from the company and Stephanie Pope will lead our BCA business, effective today. I want to thank Stan for his many contributions and dedication since first joining our ranks 38 years ago, and for his tireless service as our BCA leader during an uncommonly difficult period for our company and for our industry.
If they had any skill at managing a business they wouldn’t have presided over the shambles that Boeing has become, they should have read the signs and acted.
I would hope no parachute payments, and it’s immediate so I would say from this side of the pond they have been sacked / dismissed. I pretty sure they will not be working again with this debacle on their CV but you never know.
As to who takes over I agree the last thing you want is another Bean counter or Lawyer.
Cheers
Mr Mac
I would hope no parachute payments, and it’s immediate so I would say from this side of the pond they have been sacked / dismissed. I pretty sure they will not be working again with this debacle on their CV but you never know.
As to who takes over I agree the last thing you want is another Bean counter or Lawyer.
Cheers
Mr Mac
I think they should reestablish their commercial aviation HQ in Washington. Although literally every employee from the good old pre merger days is gone, there's still some "aviation culture" there that is non-existent near the Beltway.
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BK
Stan Deal went with immediate effect today which in my company means you were dismissed. Some Sales people I have known have been escorted of the premises immediately but not at his level.
Cheers
Mr Mac
Stan Deal went with immediate effect today which in my company means you were dismissed. Some Sales people I have known have been escorted of the premises immediately but not at his level.
Cheers
Mr Mac
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Did you read what you posted in your original post. "In addition to these changes, Boeing Commercial Airplanes President and Chief Executive Officer Stan Deal will retire from the company and Stephanie Pope will lead our BCA business, effective today. I want to thank Stan for his many contributions and dedication since first joining our ranks 38 years ago, and for his tireless service as our BCA leader during an uncommonly difficult period for our company and for our industry.
Then Alaska happened.
Now the CEO will leave before 2026, end of the year. How can we be sure his original pick for COO (and thus CEO later) will be the new Board's choice too??
We don't
Too little too late….
In any case I am sure the timing of Calhoun’s departure had nothing to do with what was best for Boeing and everything to do with maximizing his exit payout.
In any case I am sure the timing of Calhoun’s departure had nothing to do with what was best for Boeing and everything to do with maximizing his exit payout.
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Earlier today I watched the interview Dave Calhoun gave to CNBC Squawk Box autos and aviation reporter. Some interesting points.
But first, about so-called golden parachutes. Any severance or similar types of payments certainly are determined by the executive employment agreements these high-level positions always entail, and even more certainly in a company of Boeing's size. The terms of bonus payments, deferred compensation, stock options, ad well as payments upon termination of employment under various (legally, more or less standardized) categories of situations will have been spelled out, in plenty of detail, from the start of the position. Perhaps high-level executive talent could be recruited for such positions with such heavy responsibilities (and public presence) without severance arrangements under standard categories of termination, but I seriously doubt it. (Whether any so-called "clawbacks" of various types of executive comp could result from, for example, shareholder derivative litigation, I'm not guessing.)
Also relating to the next CEO, Calhoun in the CNBC interview this morning emphasized that the aircraft business is one that runs on very long term development cycles; that he will participate in the executive search and will be looking for significant aviation experience in the context of very long development cycles, and noted specifically that the next aircraft program will require an investment of 50 billion dollars and the next CEO must have a track record on that order of magnitude or scale if you prefer. I'm not posting this because anyone wouldn't already know these parameters or wouldn't expect them to apply - instead this SLF/attorney found those remarks a further step in the right direction. Time will tell.
As for the continuing elevation of Stephanie Pope, it would seem extraordinary for Ms. Pope or anyone in the same roles she has held until now to be pushed forward to the top executive job in so rapid a rise as January 2025. And without piling on, please not an accountant no matter how fantastic. Get an engineer.
But first, about so-called golden parachutes. Any severance or similar types of payments certainly are determined by the executive employment agreements these high-level positions always entail, and even more certainly in a company of Boeing's size. The terms of bonus payments, deferred compensation, stock options, ad well as payments upon termination of employment under various (legally, more or less standardized) categories of situations will have been spelled out, in plenty of detail, from the start of the position. Perhaps high-level executive talent could be recruited for such positions with such heavy responsibilities (and public presence) without severance arrangements under standard categories of termination, but I seriously doubt it. (Whether any so-called "clawbacks" of various types of executive comp could result from, for example, shareholder derivative litigation, I'm not guessing.)
Also relating to the next CEO, Calhoun in the CNBC interview this morning emphasized that the aircraft business is one that runs on very long term development cycles; that he will participate in the executive search and will be looking for significant aviation experience in the context of very long development cycles, and noted specifically that the next aircraft program will require an investment of 50 billion dollars and the next CEO must have a track record on that order of magnitude or scale if you prefer. I'm not posting this because anyone wouldn't already know these parameters or wouldn't expect them to apply - instead this SLF/attorney found those remarks a further step in the right direction. Time will tell.
As for the continuing elevation of Stephanie Pope, it would seem extraordinary for Ms. Pope or anyone in the same roles she has held until now to be pushed forward to the top executive job in so rapid a rise as January 2025. And without piling on, please not an accountant no matter how fantastic. Get an engineer.
Last edited by WillowRun 6-3; 25th Mar 2024 at 23:21.