Wikipedia

Harry Stonecipher: Difference between revisions

Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
AnomieBOT (talk | contribs)
Bots
6,556,699 edits
m Dating maintenance tags: {{Cn}}
→Boeing: Revise paragraph, which was mostly uncited copyvio from the now-cited source.
Line 49:
Under Stonecipher's guidance, the Air Force lifted a 20-month suspension of Boeing's Launching Systems Group, which had been involved in one of the scandals, allowing them to bid on Pentagon contracts again.<ref>{{cite news |url=https://www.nytimes.com/2005/02/09/business/09boeing.html |work=The New York Times |first=Leslie |last=Wayne |title=Boeing Could Soon Settle Ethics Inquiries, Chief Says |date=9 February 2005}}</ref> He also oversaw the launch of the [[Boeing 787 Dreamliner]] in order to challenge [[Airbus]].<ref>{{cite news |url=https://www.nytimes.com/2004/07/23/business/at-air-show-echoes-of-boeing-s-new-assertiveness-in-duel-with-airbus.html |work=The New York Times |first=Mark |last=Landler |title=At Air Show, Echoes of Boeing's New Assertiveness in Duel With Airbus |date=23 July 2004}}</ref> Although not fully evident at the time, the results of major changes to Boeing's airplane program design, sourcing and financing made during Stonecipher's and Condit's tenures would later prove disastrous. <ref>{{cite news |url=https://www.forbes.com/sites/stevedenning/2013/01/21/what-went-wrong-at-boeing/ |work=Forbes |first=Steve |last=Denning |title=What Went Wrong At Boeing |date=13 January 2013}}</ref> <ref>{{cite news |url=https://www.diecastaircraftforum.com/1-1-scale-commercial-aviation/92669-great-read-why-boeing-787-dreamliner-program-has-been-monumental-failure.html |work=The Seattle Times |first=((business staff)) |last=Seattle Times |title=A 'prescient' warning to Boeing on 787 trouble |date=February 2011}}</ref> Shares of the company traded as high as $58.74 in 2005, up 54 percent during his tenure.<ref>{{cite news |url=https://www.nytimes.com/2005/03/08/business/08place.html |work=The New York Times |first=Floyd |last=Norris |title=Boeing's Road to Redemption Paved With Affairs Great and Small |date=8 March 2005}}</ref> However, the outsourcing and divestment decisions made 20 years earlier continue to cause Boeing serious problems in 2023.<ref>{{cite news |url=https://archive.seattletimes.com/archive/?date=20040125&slug=boeing25 |work=The Seattle Times |first=Dominic |last=Gates |title=Boeing considers sale of huge Wichita plant |date=25 January 2004}}</ref> <ref>{{cite news |url=https://www.seattletimes.com/business/boeing-aerospace/struggling-with-defects-boeing-supplier-spirit-aerosystems-fires-ceo/ |work=The Seattle Times |first=Dominic |last=Gates |title=Struggling with defects, Boeing supplier Spirit AeroSystems fires CEO |date=October 2, 2023}}</ref>
 
After the merger, McDonnell executives took charge of the combined entity, and it was McDonnell’s financial management, under Stonecipher, that prevailed. "McDonnell Douglas bought Boeing with Boeing’s money" was a joke heard in Seattle. Stonecipher was said to refer to the company’s engineers as "arrogant".<ref name= merge>{{cite web |last1=Useem |first1=Jerry |title=The Long-Forgotten Flight That Sent Boeing Off Course |url=https://www.theatlantic.com/ideas/archive/2019/11/how-boeing-lost-its-bearings/602188/ |publisher=The Atlantic |access-date=21 April 2024 |date=November 20, 2019}}</ref> Stonecipher submitted his resignation upon request of the Boeing Board of Directors on March 6, 2005, after an internal investigation revealed a consensual relationship with Boeing executive [[Debra Peabody]]. The probe found that Boeing business operations were unaffected, that Peabody's career and compensation were not influenced, and that there was no improper use of company expenses or property. Nonetheless, the board of directors decided that there would be "zero tolerance on breaches of ethics".<ref>Gates, Dominic (2005-03-08). [http://seattletimes.com/html/businesstechnology/2002200371_boefuture08.html "With Stonecipher ouster, Boeing faces CEO dilemma"]. Seattle Times, 8 March 2005.</ref> His wife of 50 years, Joan Stonecipher, filed for divorce just days after news of his affair became public.<ref>{{cite news |title=The Affair That Grounded Stonecipher |date=8 March 2005 |url=http://www.businessweek.com/bwdaily/dnflash/mar2005/nf2005038_5360_db035.htm |archive-url=https://web.archive.org/web/20050309045425/http://www.businessweek.com/bwdaily/dnflash/mar2005/nf2005038_5360_db035.htm |url-status=dead |archive-date=March 9, 2005 |access-date=10 December 2008}}</ref> Stonecipher was succeeded as president and CEO on an interim basis by Chief Financial Officer [[James A. Bell]], until Board Member [[James McNerney]] was hired on a full-time basis.<ref>Boeing (2005-06-30). [http://boeing.mediaroom.com/2005-06-30-Boeing-Board-Elects-W.-James-McNerney-Jr.-Chairman-President-and-CEO "Boeing Board Elects W. James McNerney, Jr. Chairman, President and CEO"]. Boeing, 30 June 2005.</ref>▼
In a clash of corporate cultures, where Boeing’s engineers and McDonnell Douglas’s accountants went head-to-head, the smaller company won out. The result was a move away from expensive, ground-breaking engineering and toward what many called a more cut-throat culture, devoted to keeping costs down and favoring upgrading older models at the expense of wholesale innovation. It was McDonnell executives who unexpectedly ended up in charge of the combined entity, and it was McDonnell’s culture that became ascendant. “McDonnell Douglas bought Boeing with Boeing’s money,” went the joke around Seattle. Then-CEO Phil Condit was quoted telling reporters to ignore the talk that somebody had “captured” him and was holding him “hostage” in his own office. But Stonecipher cut a Dick Cheney–like figure, blasting the company’s engineers as “arrogant”. {{cn|date=April 2024}}
 
▲Stonecipher submitted his resignation upon request of the Boeing Board of Directors on March 6, 2005, after an internal investigation revealed a consensual relationship with Boeing executive [[Debra Peabody]]. The probe found that Boeing business operations were unaffected, that Peabody's career and compensation were not influenced, and that there was no improper use of company expenses or property. Nonetheless, the board of directors decided that there would be "zero tolerance on breaches of ethics".<ref>Gates, Dominic (2005-03-08). [http://seattletimes.com/html/businesstechnology/2002200371_boefuture08.html "With Stonecipher ouster, Boeing faces CEO dilemma"]. Seattle Times, 8 March 2005.</ref> His wife of 50 years, Joan Stonecipher, filed for divorce just days after news of his affair became public.<ref>{{cite news |title=The Affair That Grounded Stonecipher |date=8 March 2005 |url=http://www.businessweek.com/bwdaily/dnflash/mar2005/nf2005038_5360_db035.htm |archive-url=https://web.archive.org/web/20050309045425/http://www.businessweek.com/bwdaily/dnflash/mar2005/nf2005038_5360_db035.htm |url-status=dead |archive-date=March 9, 2005 |access-date=10 December 2008}}</ref> Stonecipher was succeeded as president and CEO on an interim basis by Chief Financial Officer [[James A. Bell]], until Board Member [[James McNerney]] was hired on a full-time basis.<ref>Boeing (2005-06-30). [http://boeing.mediaroom.com/2005-06-30-Boeing-Board-Elects-W.-James-McNerney-Jr.-Chairman-President-and-CEO "Boeing Board Elects W. James McNerney, Jr. Chairman, President and CEO"]. Boeing, 30 June 2005.</ref>
 
== Personal life ==
Retrieved from "https://en.wikipedia.org/wiki/Harry_Stonecipher"