Dec. 1 (Bloomberg) -- Boeing Co., the world's largest airplane maker, ousted Chairman and Chief Executive Officer Philip Condit a week after firing its chief financial officer for violating company ethics.
Harry Stonecipher, 67, was named President and CEO, Boeing said in a statement. Lewis Platt, 62, a former Hewlett-Packard Co. CEO and a Boeing director for four years, was named non- executive chairman. Stonecipher left the Chicago-based company last year and has served as a Boeing director.
Condit's departure follows the firing of Chief Financial Officer Michael Sears on Nov. 24 for discussing the hiring of a U.S. Air Force official, Darleen Druyun, while she helped negotiate a plan to buy aerial-refueling tankers from Boeing. Condit, 62, said in the statement that he resigned ``to put the distractions and controversies of the past year behind us.''
``This was the last blow,'' said Richard Turgeon, director of research at Cleveland-based Victory Capital Management, which owned 5.2 million Boeing shares as of September. ``The performance of this company has been sub-par for many years under this leadership.''
Boeing has been trying to show the U.S. military that it's taking steps to discourage ethical problems. In July, the U.S. Air Force suspended Boeing's space units from seeking military contracts for allegedly using Lockheed Martin Corp. documents to win rocket contracts. Condit was taking steps to address such issues, including the creation of an office to oversee ethics and corporate governance.
Boeing shares fell 46 cents to $37.93 at 9:43 a.m. in New York Stock Exchange composite trading. They had risen 16 percent this year.
