Boeing announces key executive promotions
New York: US aerospace giant Boeing today announced a series of executive promotions, including the appointment of an executive to share prime oversight of the business with company head Jim McNerney.
Dennis Muilenburg, 49, will join the corporate team in Chicago as Boeing vice chairman, president and chief operating officer. He will share oversight with McNerney, Boeing's chairman, president and CEO, "of the day-to-day business operations of the company," the company said in a statement.
Boeing also tapped Raymond Conner, 58, to serve as vice chairman, president and chief executive of Boeing Commercial Airplanes, a unit he has led since 2012. The division accounts for more than 60 percent of Boeing revenues.
Other appointments include Christopher Chadwick as executive vice president, president and CEO of Boeing Defense, Space and Security, replacing Muilenburg.
Shelley Lavender, vice president of logistics of the unit, will replace Chadwick as leader of Boeing Military Aircraft.
The Boeing Company said the promotions are designed to boost execution as it "scales up for growth."
An RBC Capital Markets note said today's appointments suggest Muilenburg is the "anointed heir apparent" to succeed McNerney as chief executive, "though we don't think a departure is imminent."
RBC said such a succession plan "creates an interesting dynamic" for the commercial airplanes unit, in that Conner could be passed up for as Boeing chief executive much as former division chief Alan Mulally was.
Mulally became chief executive of Ford Motor in 2006 after not being tapped for the top spot at Boeing.
Shares in Boeing, a Dow component, fell 1.1 percent to USD 134.33 in late-morning trade, while the blue-chip Dow Jones Industrial Average gained 0.3 percent.