Phil Condit is resigning as chairman and CEO of The Boeing Co., and former Hewlett-Packard Co. CEO Lewis Platt has been named to replace him as chairman of the aerospace companys board of directors.
In an announcement Monday, board members of Chicago-based Boeing said they felt that a new executive structure was needed in the wake of Condits decision to step down, and the board split his responsibilities between Platt and Harry Stonecipher, who was named president and CEO. Both appointments are effective immediately.
Platt, already a member of Boeings board, was a longtime HP executive, starting out with the Palo Alto, Calif., company in 1966 and becoming an executive vice president in 1987. At the time he left HP in 1999, Platt had spent seven years as CEO, chairman and president of the company. He was replaced by current Chairman and CEO Carly Fiorina.
"As the non-executive chairman [of Boeings board], I will being to bear the full strength and perspective of the board in guiding the company and assisting Harry in any way he requests," Platt said in a prepared statement. "Harry will be responsible for executing our strategy and running every aspect of the company."
Stonecipher came to Boeing during the merger with McDonnell Douglas and has been president and chief operating officer at Boeing. He also was a member of Boeings board of directors.
As a member of HPs board of directors, Condit was outspoken in his support of the companys controversial $19 billion acquisition of Compaq Computer Corp., which was completed in May 2002. Throughout the contentious battle waged by heir Walter Hewlett to kill the deal, Condit backed the takeover, arguing that killing the deal would disrupt HP and lead to a mass exodus of executives.
Condit also testified during court hearing in Delaware. During his testimony, he said the proposed acquisition was well-planned by Fiorina and other HP and Compaq executives, and that the board had been kept up to date on developments. His testimony refuted points made by Hewlett, who argued that the deal was a bad one for HP.
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