James McNerney

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Jim McNerney
W. James McNerney, Jr State Department Global Business Conference 2012 cropped.jpg
McNerney speaking at the Department of State Global Business Conference in 2012
Born W. James McNerney, Jr
(1949-08-22) August 22, 1949 (age 64)
Providence, Rhode Island, U.S.
Residence Chicago, Illinois
Nationality American
Alma mater Yale University (B.A.)
Harvard University (M.B.A.)
Occupation CEO of The Boeing Company
Salary US$ 1,930,000 (2010)[1]
Total: US$ 19,740,023 (2010)[1]

Walter James "Jim" McNerney, Jr, [2] (born August 22, 1949 in Providence, Rhode Island) is an American business executive who currently serves as the Chairman and CEO of The Boeing Company.[3]

Education[edit]

McNerney graduated from New Trier High School in Winnetka, Illinois in 1967.[4][5] He attended Yale University, receiving a B.A. degree in 1971. At Yale he excelled in baseball and hockey. After graduating from Yale he worked for a year at both British United Provident and G. D. Searle & Company, then attended Harvard Business School, receiving a Master of Business Administration in 1975.[6]

Career[edit]

McNerney began his business career at Procter & Gamble in 1975, working in brand management.[7] He worked as a management consultant at McKinsey from 1978 to 1982.

McNerney joined General Electric in 1982. There, he held top executive positions including president and CEO of GE Aircraft Engines and GE Lighting; president of GE Asia-Pacific; president and CEO of GE Electrical Distribution and Control; executive vice president of GE Capital, one of the world's largest financial service companies; and president of GE Information Services. McNerney competed with Bob Nardelli and Jeff Immelt to succeed the retiring Jack Welch as chairman and CEO of General Electric. When Immelt won the three-way succession race, McNerney and Nardelli left GE (as was Welch's plan); McNerney was hired by 3M in 2001.

From 2001 to 2005, McNerney held the position as chairman of the board and CEO of 3M, a $20 billion global technology company with leading positions in electronics, telecommunications, industrial, consumer and office products, health care, safety and other businesses.

On June 30, 2005 The Boeing Company hired McNerney as its Chairman, President and CEO. McNerney oversees the strategic direction of the Seattle-based, $61.5 billion aerospace company. With more than 160,500 employees, Boeing is the largest manufacturer of commercial jetliners and military aircraft, with capabilities in rotorcraft, electronic and defense systems, missiles, satellites and advanced information and communications systems.

While CEO of Boeing in 2007, W. James McNerney Jr. earned a total compensation of $12,904,478, which included a base salary of $1,800,077, a cash bonus of $4,266,500, options granted of $5,871,650, and Other $966,251.[8] His total compensation in 2008 increased to $14,765,410, which included a base salary of $1,915,288, a cash bonus of $6,089,625, and options granted of $5,914,440.[9] In 2009, his compensation decreased to $13,705,435, which included a base salary of $1,930,000, a cash bonus of $4,500,300, options granted of $3,136,251, stock granted of $3,136,242, and other compensation totaling $1,002,642.[10]

McNerney had been a member of the Boeing board of directors since 2001. He is also a member of the board of directors of Procter & Gamble and IBM. He served as Chairman of The Business Council in 2007 and 2008.[11] He is a current member of the Northwestern University Board of Trustees, is a Trustee at the Center for Strategic and International Studies[12] and has been named Chairman of the President's Export Council by President Barack Obama.[13]

Career path[edit]

Job Tenure Company Position
1975 – 1978 Procter & Gamble Brand Manager
1978 – 1982 McKinsey & Company Senior Manager
1982 – 1988 GE Mobile Communications General Manager
1988 – 1989 GE Information Services President
1989 – 1991 GE Financial Services and GE Capital Executive Vice President
1991 – 1992 GE Electrical Distribution and Control President and CEO
1993 – 1995 GE Asia-Pacific President
1995 – 1997 GE Lighting President
1997 – 2000 GE Aircraft Engines President and CEO
2000 – 2005 3M President and CEO
2005 - Current The Boeing Company Chairman, President and CEO

References[edit]

  1. ^ a b [1]
  2. ^ Adams, Marilyn. "Straightened up and flying right". USA Today. Retrieved 15 July 2012. 
  3. ^ http://www.bloomberg.com/news/2013-03-01/boeing-holders-vote-on-ceo-chairman-split-amid-787-woes.html
  4. ^ "The Hard Work In Leadership". BusinessWeek. Retrieved September 30, 2007. 
  5. ^ "Lofty expectations await Boeing CEO". Crain's Chicago Business. Retrieved September 30, 2007. 
  6. ^ Strahler, Steven R. (July 4, 2005). "Lofty expectations await Boeing's CEO; McNerney a boost to faded civic arena.(W. James McNerney Jr. appointed as chairman and chief executive officer)". Crain's Chicago Business. 
  7. ^ Steady Hand, Aviation Week & Space Technology, 170, 24 (June 15, 2009), p. 78
  8. ^ 2007 CEO Compensation for W. James McNerney Jr, Equilar.com
  9. ^ 2008 CEO Compensation for W. James McNerney Jr., Equilar
  10. ^ 2009 CEO Compensation for W. James McNerney Jr., Equilar
  11. ^ The Business Council, Official website, Background
  12. ^ http://csis.org/about-us/board-trustees
  13. ^ Carney, Timothy (2011-04-24) Boeing lives by big government, dies by big government, Washington Examiner

External links[edit]

Business positions
Preceded by
James A. Bell
CEO of Boeing
2006-
Succeeded by
Incumbent