Boeing Capital president to retire in December
CHICAGO — Boeing Co. said Thursday the head of its finance unit will retire at the end of the year, the second high-level management change in recent months as the airplane maker grapples with weaker demand and costly production delays.
The Chicago-based company said Boeing Capital Corp. President Walt Skowronski will be succeeded by Mike Cave, 49, effective Jan. 1. Cave will report to Boeing’s chief financial officer, James Bell.
The news comes less than two months after Boeing announced that the then-head of its commercial airplane division, Scott Carson, was stepping down, ending a tenure marked by costly problems with the company’s much-delayed 787 jetliner. Carson was succeeded by the head of Boeing’s defense business, Jim Albaugh.
Boeing has struggled with sharply lower orders for its planes amid the global economic downturn, which has hurt demand for air travel. Some airlines and cargo service operators have been forced to cancel or delay orders for new planes.
On Thursday, Boeing said Shep Hill, 56, will take over Mike Cave’s responsibilities as senior vice president of Business Development and Strategy, while retaining his role as president of Boeing International.
Skowronski, 60, who also serves as a Boeing senior vice president, has led Boeing Capital since November 2003. The subsidiary is responsible for arranging, structuring and providing financing for Boeing’s commercial airplane, space and defense products. He previously served as Boeing’s senior vice president of Finance and Treasurer.
Shares of Boeing fell nine cents to $51.67 in after-hours trading, after falling 75 cents to close at $51.76.
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