Boeing CEO resigns
Eight Gun Fighter
Joined: Apr 2000
Posts: 1,126
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From: Western Approaches
Hey, his signature was at the bottom of the Boeing "Code of Conduct" Pretty dumb move subsequent to that. Besides he was 67 - overdue for retirement. Or was he more special than his unionized employees?
Joined: Jun 2001
Posts: 5,896
Likes: 1
From: Rockytop, Tennessee, USA
Look for Boeing Vice-President for Operations and Commerical Activities Debra Peabody to resign, shop for a book deal and file a lawsuit.
Poor thing, she was only a vice-president, she didn't know...
Poor thing, she was only a vice-president, she didn't know...
Joined: Oct 2003
Posts: 1,852
Likes: 0
From: Canada
!?
Ousted Boeing CEO gets $2.1M bonus
By Jim Jelter, MarketWatch
Last Update: 8:03 PM ET March 10, 2005
SAN FRANCISCO (MarketWatch) -- Just days after demanding Boeing Chief Executive Officer and President Harry Stonecipher's resignation, the company said Thursday it will hand him a $2.1 million incentive bonus and keep him on the payroll until April 1.
Stonecipher, 68, was asked by Boeing's (BA: news, chart, profile) board of directors to step down Sunday after it discovered he was having an affair with a female executive. He was brought into the company's top position in late 2003 to restore its tarnished image after a series of scandals stemming from its defense contracts. See full story.
The Chicago-based aerospace giant will continue to pay Stonecipher's salary at an agreed rate of $1.5 million a year through the end of the month, a decision that will deposit roughly $60,000 -- pre-tax -- in Stonecipher's bank account before he officially leaves.
The company, in a special 8-K filing late Thursday with the U.S. Securities and Exchange Commission, said Stonecipher also will continue to receive benefits under the Boeing's pension value plan and supplemental executive retirement plan until April 1.
The company said that while Stonecipher's affair "reflected poorly on his judgment" and was "inconsistent" with Boeing's code of conduct, his nevertheless qualified for the bonus for his ability to focus the company and boost its financial performance.
Over the past year, Boeing's shares rose from a low of $38.04 to a high of $58.74 just two days before Stonecipher's sudden exit.
According to the filing, Stonecipher elected to take the bonus in company stocks, placing the entire amount in a deferred compensation plan, to vest upon retirement and subject to a 25 percent company match.
While Boeing grants performance and career shares to its senior executives in February, it said the board decided against granting any such long-term incentives to Stonecipher in 2005.
As for his continued use of the corporate jet, the company said the former CEO must now clear it with Lewis Platt, the board's non-executive chairman.
By Jim Jelter, MarketWatch
Last Update: 8:03 PM ET March 10, 2005
SAN FRANCISCO (MarketWatch) -- Just days after demanding Boeing Chief Executive Officer and President Harry Stonecipher's resignation, the company said Thursday it will hand him a $2.1 million incentive bonus and keep him on the payroll until April 1.
Stonecipher, 68, was asked by Boeing's (BA: news, chart, profile) board of directors to step down Sunday after it discovered he was having an affair with a female executive. He was brought into the company's top position in late 2003 to restore its tarnished image after a series of scandals stemming from its defense contracts. See full story.
The Chicago-based aerospace giant will continue to pay Stonecipher's salary at an agreed rate of $1.5 million a year through the end of the month, a decision that will deposit roughly $60,000 -- pre-tax -- in Stonecipher's bank account before he officially leaves.
The company, in a special 8-K filing late Thursday with the U.S. Securities and Exchange Commission, said Stonecipher also will continue to receive benefits under the Boeing's pension value plan and supplemental executive retirement plan until April 1.
The company said that while Stonecipher's affair "reflected poorly on his judgment" and was "inconsistent" with Boeing's code of conduct, his nevertheless qualified for the bonus for his ability to focus the company and boost its financial performance.
Over the past year, Boeing's shares rose from a low of $38.04 to a high of $58.74 just two days before Stonecipher's sudden exit.
According to the filing, Stonecipher elected to take the bonus in company stocks, placing the entire amount in a deferred compensation plan, to vest upon retirement and subject to a 25 percent company match.
While Boeing grants performance and career shares to its senior executives in February, it said the board decided against granting any such long-term incentives to Stonecipher in 2005.
As for his continued use of the corporate jet, the company said the former CEO must now clear it with Lewis Platt, the board's non-executive chairman.
Joined: Feb 2005
Posts: 4,581
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From: flyover country USA
The other shoe drops
Boeing once again taps an ex-GE executive as CEO:
http://biz.yahoo.com/ap/050630/boeing_ceo.html?.v=17
The only surprise is that the successful candidate kept denying that he was interested in the job.
But then again, I guess that's no surprise.
http://biz.yahoo.com/ap/050630/boeing_ceo.html?.v=17
The only surprise is that the successful candidate kept denying that he was interested in the job.
But then again, I guess that's no surprise.
