Boeing Chief To Step Down By Year-End

Boeing officials said no firm date has been set, but they confirmed published comments by Shrontz that he expected to step down some time around the end of the year.

I think it depends on the board and other things, but essentially it's the end of the year, Shrontz told The News Tribune of Tacoma, Wash., in a brief interview.

Boeing spokeswoman Sherry Nebel said that while Shrontz was aiming for a year-end retirement, the final date could vary by a month or two from December 31.

The final decision is with the board of directors, Sherry Nebel said.

Shrontz previously indicated that he probably would step down after he reaches the traditional retirement age of 65 in December.

 

In April he handed over the chief executive's job to Condit and said he planned to stay on as non-executive chairman for only a short transition period.

Shrontz was promoted to chairman in 1988 after a career at Boeing that began in 1958 and included stints as vice-president for commerical airplane sales and president of the commercial airplane group.

Shrontz, who has a law degree, served in the Pentagon in the Nixon and Ford administrations as assistant secretary of the Air Force and assistant secretary of Defence.

Condit, 55, an engineer who led the company's development efforts on its new 777 jet, joined Boeing in 1965.

He was named to the board of directors in 1992.

Boeing's stock rose 75 cents to $91.375 on the New York Stock Exchange in late trading.