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Boeing Board Elects Chairman, President and CEO

01 July 2005

Boeing's board of directors has elected W. James McNerney, Jr. chairman of the board, president and chief executive officer, effective July 1.

“Boeing’s businesses are performing very well, and the board sought a CEO with the experience and credentials necessary to sustain that momentum and take the company to the next level,” Platt said. “Jim met all the board’s criteria. He is, in the unanimous judgment of our board members, the ideal person to lead Boeing.”

McNerney, 55, has served as chairman and chief executive officer of 3M since January 2001. Before joining 3M, he held top executive positions at the General Electric Company, including president and CEO of GE Aircraft Engines and GE Lighting; president of GE Asia-Pacific; and president and CEO of GE Electrical Distribution and Control. In addition, he served as executive vice president of GE Capital, which plays an important role in the commercial aviation industry as a provider of airplane leasing and financing services. He has been a director of Boeing for three-and-a-half years and is a director of the Procter & Gamble Co.

“As a past business partner and as a Boeing director, Jim has deep knowledge of the aerospace industry and of Boeing,” Platt added. “He has a proven track record as a leader of complex global businesses, has gained significant experience working with a wide range of our government and commercial customers, and throughout his career has demonstrated an ability to deliver results even in the most challenging business environment.

“Jim wins respect for his integrity, ethical leadership and personal business style wherever he goes. We look forward to the next phase of Boeing’s growth with Jim leading our team,” Platt said.

“Boeing is the world’s leading aerospace company with a rich tradition and a bright future,” said McNerney. “I intend to ensure that we continue to harness the innovative energy of our people and the cutting-edge technologies they are developing. Our financial position is strong, and we have proven the logic of our strategy. My job is to make sure we deliver continued profitable growth by consistently meeting the requirements of our diverse customers with outstanding new products and superior service, and I look forward to meeting that challenge.

McNerney was born Aug. 22, 1949, in Providence, R.I. He holds a B.A. from Yale University and an MBA from Harvard University.





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