Story ID: GPmuilenberg06232015
Muilenburg to Replace McNerney as Boeing CEO
By: Gregory Polek
Caption: Transition effective July 1
Word Count: 364
The Boeing board of directors has elected Dennis Muilenburg to replace Jim McNerney as the company’s chief executive on July 1. McNerney, who has held the position for the past 10 years, continues as the company’s chairman. Muilenburg has served as Boeing president and chief operating officer since 2013.

McNerney has agreed to continue working as a company employee until he retires at the end of next February to ensure a smooth transition of his CEO responsibilities to Muilenburg, who also becomes a member of the board.

“Dennis is an extremely capable, experienced and respected leader with an immense passion for our company, our people, and our products and services,” said McNerney in a statement. “As CEO, Dennis will bring a rich combination of management skills, customer focus, business and engineering acumen, a can-do spirit and the will to win. With a deep appreciation of our past accomplishments, and the energy and skill to drive those to come, he is well suited to lead our very talented Boeing team into its second century.”

Muilenburg, 51, has served with the company for 30 years. Along with Boeing Commercial Airplanes president and CEO Ray Conner, he also has served since 2013 as company vice chairman. Conner, 60, remains in charge of the $60 billion Commercial Airplanes unit and will serve as sole company vice chairman, where he will continue working closely with Muilenburg on what Boeing calls key corporate processes and integrating cross-enterprise strategies and efficiencies.

McNerney, 65, became Boeing chairman, president and chief executive officer in 2005. During his tenure, he oversaw steady increases in production and a comprehensive update of the company’s product line, including the introduction of the 787 Dreamliner. Meanwhile, Boeing’s revenue rose 73 percent, to a record $90.8 billion last year, from $52.5 billion in 2004, the year before McNerney became CEO. Backlog and earnings per share tripled over the period, also to record levels.

In his most recent role, Muilenburg shared with McNerney oversight of day-to-day business operations. Previous positions included president and CEO of Boeing Defense Space & Security and president of that unit’s Global Services & Support business. He also led Boeing’s Combat Systems division.