Financial Accounting Blog

Monday, December 01, 2003

Boeing CEO out. Condit follows CFO out the door a week after hiring scandal; top job split between two. Boeing Co. Chairman and CEO Phil Condit resigned yesterday, one week after a hiring scandal led to the firing of its chief financial officer.

On Nov. 24, Boeing fired Chief Financial Officer Michael Sears, saying he had discussed the hiring of a senior Air Force procurement official with her while she was still considering Boeing contracts. That executive, Darleen Druyun, was also dismissed from Boeing at that time. U.S. Defense Secretary Donald Rumsfeld subsequently announced a delay in signing a key contract with Boeing for 767 refueling tankers that had already been under fire from some members of Congress.

Rich Muny