Lew Platt, Harry Stonecipher Take Reins At Boeing

That appointment, and that of Harry Stonecipher as president and CEO of the aerospace giant, came early Monday as Boeing announced the resignation of Phil Condit as chairman and CEO.

Platt, 62, has been a member of Boeing's board for four years. Condit is also on HP's board. Stonecipher retired from Chicago-based Boeing in 2002. He has served as vice chairman, president and COO and has been on the board for six years, Boeing said. Both are assuming their new posts immediately, according to a Boeing statement issued early Monday.

The news comes after months of disquieting news out of Boeing, which is in a dogfight with the Airbus consortium for market leadership in aircraft production and has been slammed by the post 9/11 travel drought. It has also been hurt by lingering concern about its business practices. Last week the company fired its CFO, citing what it called a "breach of ethics." That CFO, Michael Sears, denied the allegations.

Many see Condit's departure as a way to insulate the company from further fallout.

"I offered my resignation as a way to put the distractions and controversies of the past year behind us and to place the focus on our performance," Condit said in a prepared statement.

Platt characterized Condit's move as an act of "characteristic dignity and selflessness," in a statement.

Platt joined HP's medical products group in 1966 and proceeded to manage many parts of its computer business in subsequent years. He became executive vice president in 1987, became chairman in 1992, retiring seven years later. He also served as CEO of Kendall-Jackson Wine Estates from 2000 to 2001.

Stonecipher started out in General Motors Allison Division 47 years ago as a lab technician. He has since worked for General Electric's aircraft engine operations and was president and CEO of Sundstrand and then McDonnell Douglas, where he helped spearhead the merger with Boeing.