Boeing's Stonecipher Resigns as President, CEO

The Wall Street Journal Online 03/07/05

Boeing Co. Monday said its board asked for and received the resignation of President and Chief Executive Harry Stonecipher on Sunday.

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Mr. Stonecipher will also leave the company's board; all changes are effective immediately, the company said.

The company said the actions were taken following an investigation by internal and external legal counsel of the facts and circumstances surrounding a personal relationship between Mr. Stonecipher and a female executive of the company who did not report directly to him. The board determined that his actions were inconsistent with Boeing's Code of Conduct, it said.

"The board concluded that the facts reflected poorly on Harry's judgment and would impair his ability to lead the company," said Mr. Platt.

"... the CEO must set the standard for unimpeachable professional and personal behavior, and the Board determined that this was the right and necessary decision under the circumstances," he said.