Boeing Commercial's Jim Albaugh retiresJune 26, 2012 @ 1:40 pm (Updated: 1:53 pm - 6/26/12 )
Jim Albaugh, who has been with Boeing for 37 years, is retiring in October. Raymond Conner takes over as president and CEO of the Boeing Commercial Airplanes division.
Conner, 57, is one of the guys who's worked his way up through the company. He started with Boeing in 1977 as an airplane mechanic on the 727. He was most recently a senior VP with sales and customer support, and has also been a general manager for the 777 and 747 programs.
Albaugh joined Boeing in 1975 in what was then Rockwell Corporation's defense and space business, which Boeing acquired in 1996.
"We thank Jim for his many years of service in our defense, space and security businesses and, most recently, to Boeing Commercial Airplanes where he helped ensure the certification and successful entry into service of the 787 Dreamliner and 747-8, and the launch of the 737 MAX," say CEO Jim McNearney in a statement. A more friendly farewell is sure to come.
Albaugh grew up in Washington. He graduated from Richland High School, then received a bachelor's degree in Mathematics and Physics from Willamette University and a master's in civil engineering from Columbia University.
The leadership change is effective immediately. A replacement for Conner will be named at a later date. The Boeing website has already reflected the changes, listing Albaugh as an executive vice president.
Boeing stock closed down a few cents today at 70.93 a share, but in the after hours trade since the leadership changes the stock has been positive.
President Barack Obama taking a Boeing Everett tour earlier this year with chairman of the board, president and CEO James McNerney, right, and Boeing Commercial Airplanes CEO Jim Albaugh, left. (AP Pool Photo/Mike Siegel)
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