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PanAm_DC10
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 9:11 pm

Apparently due to a "conflict of interest" after internal investigation. Hmmmm
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PanAm_DC10
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 9:13 pm

*BOEING FIRES CEO, CITING RELATIONSHIP WITH FEMALE EXECUTIVE

Oh Harry....thinking with the wrong part of the anatomy
Ask the impossible to achieve the best possible
 
zonky
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 9:13 pm

Source of this news?
 
zonky
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 9:14 pm

http://www.boeing.com/news/releases/ 'Resigned' not 'sacked'
 
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PanAm_DC10
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 9:16 pm

Quoting Zonky (reply 2):
Source of this news?


Is this good enough..?

By Dave Liedtka
March 7 (Bloomberg) -- Boeing Co. ousted Chief Executive
Officer Harry Stonecipher.
Chief Financial Officer James Bell was named interim chief
executive, the Chicago-based company said in a statement sent on
PR Newswire.


THE BOEING CO

Regards
Ask the impossible to achieve the best possible
 
godbless
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 9:20 pm

So then now Boeing is all Boeing again without any MDD influences anymore...

Max
 
co7772wuh
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 9:23 pm

Sounds like Stonecipher has been popping 1 too many Viagras !  blush 
 
buckfifty
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 9:23 pm

'Resigned' not 'sacked'

If the board asks for your resignation, more or less it's a sacking. It just looks better on paper, as it doesn't seem Mr. Stonecipher wanted to leave...
 
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PanAm_DC10
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 9:24 pm

Quoting Zonky (reply 3):
'Resigned' not 'sacked'


Call it what you will. He did not want to leave. In "Wall Street" language he got fired pure and simple. Even though it was not the operating performance of the Company. What he did, as the facts emerge, has impeded his ability to lead the Company and make sound judgements.
Ask the impossible to achieve the best possible
 
zonky
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 9:25 pm

hence the quote marks. Never the less, given the posts already made- some caution people. Libel does exist.
 
Okie
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 9:27 pm

Born in 1936? 69yrs old

I have heard of a golden parachute before, but sounds like Viagra is a death nail.

Okie
 
FoxBravo
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 10:09 pm

Wow. Just what Boeing needed right now, another scandal. I have to say I am disappointed by Stonecipher's apparently poor judgment. At least Boeing seems to have acted quickly to nip this one in the bud.
Common sense is not so common. -Voltaire
 
BestWestern
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 10:10 pm



Photo: http://www.boeing.com/corp_gov/board_directors.html

Attractive ????

or  stirthepot   stirthepot   stirthepot 

Rich???



Mr. Stonecipher has served as Chief Executive Officer since December 1, 2003. He served as Vice Chairman of the Board of The Boeing Company from May 2001 until June 2002 and as President and Chief Operating Officer from 1997 until May 2001. He served as President and Chief Executive Officer of McDonnell Douglas Corporation (aerospace) from 1994 until its merger with Boeing in 1997. He was Chairman of the Board, President and Chief Executive Officer of Sundstrand Corporation (aerospace) from 1991 to 1994. Mr. Stonecipher is also a director of PACCAR, Inc. He is a member of the Special Programs Committee.

[Edited 2005-03-07 14:25:02]
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Boeing Nut
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 10:19 pm

Interesting developement indeed. I wonder how much the commercial division of the company had an influence on this.  scratchchin 

I know it was a bit of a shocker to me when I heard it on the news this morning.  gasp 
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zvezda
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 10:20 pm

A reprimand and forfeit of an annual bonus would have been sufficient. This overreaction by the board seems like a violation of their fiduciary responsibility.
 
keesje
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 10:23 pm

Lets hope his Darling wasn't Darleen..

IMO time for Mulally to take over.

What I've read & heard he an inspiration leader that can restore confidence & spirit among Boeing employees..

"Never mistake motion for action." Ernest Hemingway
 
avek00
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 10:44 pm

"A reprimand and forfeit of an annual bonus would have been sufficient. This overreaction by the board seems like a violation of their fiduciary responsibility."

Maybe in Lithuania, but not in the USA - a company is practically forced to fire an employee for any indiscretions involving sex and the workplace in order to avoid/minimize potential sexual harrasment liability.
Live life to the fullest.
 
JMV
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 10:46 pm

“The Board concluded that the facts reflected poorly on Harry’s judgment and would impair his ability to lead the company,” said (Lew) Platt. (Board Chairman)

According to the Boeing press release, the Board has named James A. Bell, CFO, as interim President and CEO. http://www.boeing.com/companyoffices/aboutus/execprofiles/bell.html

“I know this is difficult news for everyone associated with Boeing, but we have strong leaders driving our businesses, and strong teams of employees driving performance,” Platt said. “At the same time, we are committed to strong ethical leadership. We have fought hard to restore our reputation. Everyone should know that if we see any improper activities, we will take decisive action.”

It certainly reinforces Boeing's commitment to high ethical standards. Considering the implications of lack of ethics, especially with regard to military contracts, I believe the board properly executed its fiduciary responsibilities.
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UPS Pilot
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 10:48 pm

Who cares about being an inspirational leader. The inspiration will come to Boeings aircraft division, when they are able to kick the door down and get the vacuum cleaner sold. In this case the vacuum cleaner is a Boeing aircraft. Boeing needs more flexibility in giving the customer what they want and providing a can do attitude. There has been a lot of talk about pricing issues with Boeing Aircraft Sales. If they did value added selling then price should be less of an issue over performance and customer satisfaction. An inspiration would be getting the aircraft lines moving again and putting Boeing employees back to work.

Let us see.
 
na
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 10:51 pm

Employees are sacked or get fired, CEOs resign. Thats just a battle of words. Generals never get hanged, they shoot themselves.

That a CEO has to resign because of a love-affair in the year 2005 sounds like the return of the middle ages.
I bet there´s more to it and this was just the welcome death-nail. Otherwise I´d ask myself what kind of backward-looking puritans are sittting in the board of directors over there.
 
zvezda
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 10:51 pm

Quoting Avek00 (reply 16):
Maybe in Lithuania

In Lithuania, it would have been a non-issue. It's more likely the person bringing it to the attention of the board would have been disciplined for wasting the board's time.
 
whitehatter
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Stonecipher Resigns From Boeing

Mon Mar 07, 2005 10:52 pm

What a load.

So Harry has been dipping his wick. Big effing deal. Stonecipher's leadership has seen a resurgence in Boeing and the end of the Condit rudderless strategy where Boeing had been milked for every cent the money men could wring from it.

Under Stonecipher Boeing managed to rehabilitate its reputation, launch new projects and present a new, more aggressive marketing image. So what do the jerks in Chicago do?

The shareholders should start considering their positions and act against the stuffed shirts who led this action. Mulally is the natural to succeed Harry, but don't hold your breath. Any common sense at board level seems to have deserted Boeing.

Frankly I'm disgusted. Harry had the experience of GE, MDD and Boeing, and they sack him for porking someone not even in his immediate food chain.
Lead me not into temptation, I can find my own way there...
 
N1120A
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Stonecipher Resigns From Boeing

Tue Mar 08, 2005 1:24 am

Quoting GodBless (reply 5):
So then now Boeing is all Boeing again without any MDD influences anymore...


There are still people at Boeing, including on the board, from MDC

Quoting WhiteHatter (reply 21):
Frankly I'm disgusted. Harry had the experience of GE, MDD and Boeing, and they sack him for porking someone not even in his immediate food chain.


In his position, everyone is in his food chain. Sexual harassment is about power and if he uses his position in any way to gain sexual favors, he opens the door to major sexual harassment litigation that could cost Boeing millions in cash as well as millions in goodwill.
Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
 
backfire
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Stonecipher Resigns From Boeing

Tue Mar 08, 2005 1:25 am

Frankly I'm disgusted. Harry had the experience of GE, MDD and Boeing, and they sack him for porking someone not even in his immediate food chain.



You have to remember that Boeing has just spent months apologising and trying to restore a bit of squeaky-cleanliness to its image after the tawdry USAF business and everything beforehand - the last thing it needs is its CEO tarnishing things again.
 
Icaro
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Stonecipher Resigns From Boeing

Tue Mar 08, 2005 1:27 am

Why should Boeing sack him for a private affair? The only one to say something about his behavior is his wife, who should sack him from home, but that it is.
Quite stupid of Boeing to fire someone who is doing a good job, or maybe wasn't that the case????
 
777236ER
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Stonecipher Resigns From Boeing

Tue Mar 08, 2005 1:31 am

If it were a private affair, there wouldn't be a problem. But it was an affair with an employee, and an executive at that. Given the USAF troubles and Boeing trying to look squeaky clean in the eyes of not only the US government, but the WMF right now, this simple affair becomes more important.

That and a lot of people wanted him out, apparently.

I agree with Keesje, time for Mulally to take over. He probably won't, he's said before he wants to stay in Everett.
Your bone's got a little machine
 
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ODwyerPW
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Stonecipher Resigns From Boeing

Tue Mar 08, 2005 1:34 am

Icaro,
A sexual relationship is a strong, motivating force. Two executives involved in such a relationship can't be counted on to always make balanced decisions. Period. Henry's a big boy and knows the rules. He thought he was above the law.

Bad for Boeing..sure. However, you can't have a maverick for a leader, thinking he can operate above and beyond the laws established for the Company. It's not as if a CEO is the OWNER, rather he's just another employee.
learning never stops.
 
dl021
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Stonecipher Resigns From Boeing

Tue Mar 08, 2005 1:35 am

The woman was not improperly promoted or paid. She was not under his direct supervision, nor was there any wrongdoing found. The private lives of these two people did not impact the operations of the company, unless there is something we are not being told, which is possible.

If Stonecipher violated some clause in his contract, then he deserved his fate. But if this is just a case of the Board overreacting or worse, perhaps someone whose toes were tread upon getting him back, then this is bad for Boeing.

Either way this is instability that does Boeing no apparent good.
Is my Pan Am ticket to the moon still good?
 
bennett123
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RE: Boeing Sack's Stonecipher

Tue Mar 08, 2005 1:39 am

What are the policy implications.

This must have an impact during the transition period.
 
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clickhappy
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RE: Stonecipher Resigns From Boeing

Tue Mar 08, 2005 1:41 am

You people need to learn to read between the lines. Things are always so black and white in the world, aren't they? Armchair CEO's indeed.

There have been lots of rumors here in Seattle, but here is your biggest clue (my emphasis in bold):

"It's not the fact he was having an affair — that is not a violation of our code of conduct," the chairman said. As the company explored the circumstances surrounding the relationship, however, it discovered "some issues of poor judgment" that impaired Stonecipher's ability to lead the company, he said.

If you think they asked Stonecipher to resign because he was "just having an affair" you are mistaken.
 
Okie
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RE: Boeing Sack's Stonecipher

Tue Mar 08, 2005 1:45 am

Not the first time intermingling between higher ups. Clinton-Lewenski come to mind.

I guess I am really surprised of the public disclosure by Boeing of the reason for "requested dismissal"
I suspect the future ex-Mrs. Stonecipher's attorneys will be contacting Boeing for her half of his benefits/retirement/pay and half of his half.

What an embarrassment for Stonecipher and his family.

Okie
 
BestWestern
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RE: Stonecipher Resigns From Boeing

Tue Mar 08, 2005 1:54 am

Quoting Clickhappy (reply 29):
"It's not the fact he was having an affair — that is not a violation of our code of conduct," the chairman said. As the company explored the circumstances surrounding the relationship, however, it discovered "some issues of poor judgment" that impaired Stonecipher's ability to lead the company, he said.



Yep - I would agree that there is more to come out regarding this... "some issues of poor judgment" = "some major issues that mean we fired our boss"
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LMP737
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RE: Stonecipher Resigns From Boeing

Tue Mar 08, 2005 2:24 am

It never ceases to amaze me how intelligent men who should know better let the "little brain" do the thinking for them. I hope she was worth it Harry.
Never take financial advice from co-workers.
 
kanebear
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RE: Stonecipher Resigns From Boeing

Tue Mar 08, 2005 2:31 am

Some of you have very short memories. Even back in 2003 when Stonecipher was announced as the CEO popular scuttlebutt was that he wouldn't be around long. He was always seen as an 'interim' CEO and was brought in as a 'face'. Stonecipher represented direction, leadership and stability which is what Wall Street wanted to see after Condit's rendition of 'lost at sea'.

Make no mistake, Stonecipher was a sop to the Street and had ZERO to do with long-term goals at Boeing. Also, everyone screaming about the 7E7 needs to remember he did NOT WANT the 7E7 and was threatening to veto it. The 7E7 happened in spite of him, not because of him.

So, Boeing has the direction it needs now and his time has passed. IMO this 'incident' is sauce for the goose. He was gone anyway, his dalliance merely provides a convenient cover story for what was inevitable.
 
wjcandee
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RE: Stonecipher Resigns From Boeing

Tue Mar 08, 2005 2:38 am

Stonecipher wasn't looking to leave. There's an excellent summary in an AP article on the reasons for the ousting, including that Boeing has a strong code of conduct, of which Harry was a big advocate, and Harry violated it.

I said during the Monica Lewinsky scandal -- where our President Clinton sodomized an intern in the Oval Office -- that if the CEO of a major company was caught doing the same thing, he would be fired. My friends poo-pooed that at the time and said it would never happen. Looks like they were wrong.

Chalk one up for actually adhering to conduct codes without excuses and exceptions.

If I were a shareholder, however, I'd be pissed, and probably demand that the Board put the health of the balance sheet against some code-of-conduct violation.
 
racko
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RE: Stonecipher Resigns From Boeing

Tue Mar 08, 2005 2:40 am

Anybody got a picture of the female executive? Would be necessary to check if it was worth it.
 
aa777jr
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RE: Stonecipher Resigns From Boeing

Tue Mar 08, 2005 3:38 am

http://www.foxnews.com/story/0,2933,149597,00.html

He didn't resign in honor, he was fired with disgrace. This is the 2nd CEO to go in as many years. WTF mate?
A liberal is a man who is right most of the time, but he's right too soon.
 
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clickhappy
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RE: Stonecipher Resigns From Boeing

Tue Mar 08, 2005 3:53 am

dude, you need to look up the word "sodomized."

I don't think anyone ever said Clinton shoved a cigar in Monica Lewinsky's butt.
 
baw716
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RE: Stonecipher Resigns From Boeing

Tue Mar 08, 2005 4:03 am

This is just BAD news. Stonecipher was just plain stupid.

As to posts about Mullally taking over, personally, I really like this guy; however, his expertise is building commercial airplanes. While it would be a logical advance for him to take over the company (and he certainly deserves it), right now, his wisdom and leadership are still needed in the commercial division, given the fact they are trying to get the 787 built, the 747adv off the drawing board and figuring out what to do next.

On the other side of the equation, there is no one else at Boeing who has the vision that Alan does. This guy can dream and then turn a dream into reality. His creativity and mastercraft, along with his people skills brought airlines and Boeing people together and "working togther" concept was born on the 777 and not only was that airplane built in a new and different way, but a new way of thinking at Boeing was born. A way of thinking of innovation and development instead of simply pumping out airplanes. Of course, the downfall of this has been the slippage of Boeing into the #2 slot behind Airbus in aircraft sales, but that was the fault of upper management (Condit, then Stonecipher).

If Mullally does take over, the first thing he should do is bring the HQ back to Seattle. Boeing and Seattle are one and together. Being in Chicago does not add any value to the company and was a strategically misguided decision and hopefully, bringing HQ closer to the action will bring everyone together again.

We can only hope.
David L. Lamb, fmr Area Mgr Alitalia SFO 1998-2002, fmr Regional Analyst SFO-UAL 1992-1998
 
brons2
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RE: Stonecipher Resigns From Boeing

Tue Mar 08, 2005 4:20 am

Quoting WhiteHatter (reply 21):
What a load.


I assume, that there was no pun intended with this posting!

 Wink  Wink  Wink
Firings, if well done, are good for employee morale.
 
reLAX
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RE: Stonecipher Resigns From Boeing

Tue Mar 08, 2005 4:21 am

Does anyone think that this kind of disciplinary action would happen in Toulouse? No wonder most of Europe views us as Puritans caught in the middle ages.
"Roger, Roger. What's our vector, Victor?"
 
magyar
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RE: Stonecipher Resigns From Boeing

Tue Mar 08, 2005 4:32 am

Hmm, perhaps a young attractive female associate of a certain
company based in southern France successfully penetrated the
Pacific Northwest?
 Smile Smile Smile
 
FLY2LIM
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RE: Stonecipher Resigns From Boeing

Tue Mar 08, 2005 4:43 am

Quoting Okie (reply 10):
Born in 1936? 69yrs old

I have heard of a golden parachute before, but sounds like Viagra is a death nail.

Okie


The report I read stated that he owns the highest number of Boeing shares that any individual has. I wish I had Harry's problems.

Quoting FoxBravo (reply 11):
Wow. Just what Boeing needed right now, another scandal. I have to say I am disappointed by Stonecipher's apparently poor judgment. At least Boeing seems to have acted quickly to nip this one in the bud.


This is a "scandal" because Boeing made it a scandal. Give me a break! This happens every day in every level of society. It's not "right" but it is "reality".

Quoting Zvezda (reply 14):
A reprimand and forfeit of an annual bonus would have been sufficient. This overreaction by the board seems like a violation of their fiduciary responsibility.


To anyone who is not living under a rock:
It is apparent that the "sex scandal" is the excuse. They obviously wanted him out for other reasons. When a board finds that their "golden boy/girl" is in trouble, they usually protect him/her.

Quoting Avek00 (reply 16):
Maybe in Lithuania, but not in the USA - a company is practically forced to fire an employee for any indiscretions involving sex and the workplace in order to avoid/minimize potential sexual harrasment liability.


All true, except that, according to the news report I read, the affair was consensual and the unidentified female employee (why is she being protected?) did not report to him directly.

Quoting N1120A (reply 22):
In his position, everyone is in his food chain. Sexual harassment is about power and if he uses his position in any way to gain sexual favors, he opens the door to major sexual harassment litigation that could cost Boeing millions in cash as well as millions in goodwill.


Boeing has ways to "hush" this out. This situation happens in all of the companies. Whoever doesn't realize that lives in a cloud.

The way I see it, Harry has an active libido at 69 and a very, very, very fat wallet. He was retiring next year anyway. And don't worry, Mrs. Stonecipher is probably used to this. This is certainly not Harry's first affair. However, it would cost the Mrs. her lifestyle. Who knows? She may have a boytoy of her own.

FLY2LIM
Faucett. La primera linea aerea del Peru.
 
brons2
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RE: Stonecipher Resigns From Boeing

Tue Mar 08, 2005 4:45 am

Quoting Magyar (reply 41):
young attractive female.... successfully penetrated


You guys kill me!

ROFL!!!

back on topic...I think this is bad news for Boeing and dumb to boot. They should have kept the relationship on the DL though.
Firings, if well done, are good for employee morale.
 
sunrisevalley
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RE: Stonecipher Resigns From Boeing

Tue Mar 08, 2005 4:55 am

Confuscius say "never dip pen in office inkwell"
 
brons2
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RE: Stonecipher Resigns From Boeing

Tue Mar 08, 2005 4:58 am

Quoting SunriseValley (reply 44):
Confuscius say "never dip pen in office inkwell"


Don't get your Honey where you get your Money!
Firings, if well done, are good for employee morale.
 
clipperno1
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RE: Stonecipher Resigns From Boeing

Tue Mar 08, 2005 5:09 am

Sorry to sound a bit "macho" (not tooo many women here anyway, eh?)
But since when get's the male part of the affair fired?
We all know this stuff happens a lot, but it is quite rare to see a executive male getting fired over it.
"I really don't know one plane from the other. To me they are just marginal costs with wings."� Alfred Kahn, 1977
 
PDXFlyer
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RE: Stonecipher Resigns From Boeing

Tue Mar 08, 2005 5:12 am

Quoting ReLAX (reply 40):


Quoting ReLAX (reply 40):
Does anyone think that this kind of disciplinary action would happen in Toulouse? No wonder most of Europe views us as Puritans caught in the middle ages.


In this case, it is not the puritans among us who drove the laws and labor practices to this point. Instead it was NOW and other groups pressing harrassment laws to new levels such that corps like Boeing had no choice financially. I still say some increase in protection for harrassed employees is necessary, and was a good thing to do. However, the pendulum has swung pretty far to the other side.
 
ltbewr
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RE: Stonecipher Resigns From Boeing

Tue Mar 08, 2005 5:32 am

Boeing has a clear policy on this. Someone blew the whistle, and there was an investigation. It was determined Stonecipher violated policy. Both the woman involved and Stonecipher knew the company rules. Many companies restrict relationships, or marriage of co-employees where either or both are employed on the executive or supervisory level. There have been a number of cases where CEO's or very top executives have gotten involved with lower level and much younger female employees. The problem is there could be either the bust up of the affair which makes for very unhappy or hostile work conditions or claims, that the possibilty of an executive being overly supportive of a junior person for opportunities for advancement can cause resentment by others in those levels (i.e.: slept with the boss). In some cases, it became very public and companies have chased them out. There is the Agee case, who was CEO of Bendix in the 1980's. He got involved with a young (20's) female lower level executive employee. Questions were raised about his judgment as to this relationship and the both were foreced to resigned or fired (although Agee had other problems too).
 
daedaeg
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RE: Stonecipher Resigns From Boeing

Tue Mar 08, 2005 5:33 am

If Mullally does take over, the first thing he should do is bring the HQ back to Seattle. Boeing and Seattle are one and together. Being in Chicago does not add any value to the company and was a strategically misguided decision and hopefully, bringing HQ closer to the action will bring everyone together again.

I don't think this would be a wise decision at all. Boeing is a multi-dimensional company. It doesn't only build commercial airplanes anymore. Intergrated Defense Systems(IDS) is a major part of what Boeing is today. So major that it makes up most of Boeing's revenue, employees, and profit. Moving HQ back to Seattle will isolate the IDS folks in st. louis, california and pennsylvania.
Everyday you're alive is a good day.