| Harry Stonecipher | |
|---|---|
| Born | May 16, 1936 Robbins, Tennessee, U.S. |
| Nationality | American |
| Education | Bachelor of Science in Physics, Tennessee Technological University |
Harry C. Stonecipher (born May 16, 1936, Robbins, Tennessee) is a former President and Chief Executive of American aerospace companies McDonnell Douglas and, later, Boeing. Stonecipher orchestrated the merger between McDonnell Douglas and Boeing, and was widely credited with the resurgence of Boeing. After a long and distinguished career, Stonecipher was forced to resign at Boeing following the disclosure of his longtime consensual affair with a fellow Boeing employee, who was not a direct report and whom he later married. In October 2010, Stonecipher agreed to join the Board of Directors of iControl Systems USA, LLC., a privately-held company providing data management and accounts payable outsourcing to major American retailers.
Contents |
Stonecipher was born in Robbins, Tennessee. [1] In 1960, he graduated with a Bachelor of Science degree in physics at the Tennessee Technological University.
Stonecipher began his career at General Motors' Allison Division, where he worked as a lab technician. He moved to General Electric's large engine division in 1960, and began to progress up the ranks. He became a vice president at GE in 1979, then a division head in 1984. In 1987 he left for Sundstrand, where he became president and CEO in 1989.[2]
In September 1994, Stonecipher was elected President and CEO of McDonnell Douglas, holding this post until its merger with Boeing in 1997. During this period he became much more of a public figure, and even began hosting the company's quarterly video report 90 Days. He remained on the board following the successful completion of that transaction, serving as president and COO (chief operating officer). In 2001, he was elected vice chairman and retired the next year, while continuing to serve on the board as vice chairman.[3]
Stonecipher came out of retirement to lead Boeing, following the resignation of Chairman and CEO Phil Condit in December 2003 over scandals over defense procurement. These scandals surrounded allegations of stolen documents from competitors and the hiring of a government procurement officer who at the time was involved in the USAF's KC-767 contract, a contract of extreme importance to Boeing. Stonecipher assumed the title President and CEO, which was not considered an interim appointment as there was no search initiated for a new chief executive, while Lewis Platt became non-executive chairman of the board.[4]
Under Stonecipher's tenure, the Air Force had 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.[5] He also oversaw the launch of the Boeing 787 Dreamliner in order to challenge Airbus.[6] Shares of the company traded as high as $58.74 in 2005, up 54 percent during his tenure at the helm.[7]
Stonecipher submitted his resignation upon request of the Boeing Board of Directors on March 6, 2005, due to an improper relationship with a Boeing executive named Debra Peabody. Boeing said an internal investigation revealed a "consensual" relationship between Stonecipher and the female executive that was "inconsistent with Boeing's Code of Conduct" and "would impair his ability to lead the company". His wife of 50 years, Joan Stonecipher, filed for divorce just days after news of his affair became public.[8] Lewis Platt, Boeing's nonexecutive chairman, stated that Stonecipher had violated Boeing's code of conduct, although he said that having an affair was not a violation of the policy. Chief Financial Officer James A. Bell succeeded him as interim President and Chief Executive.
| Preceded by Phil Condit |
CEO of Boeing 2003-2005 |
Succeeded by James A. Bell |