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{{Use mdy dates|date=February 2012}}
{{Use mdy dates|date=February 2012}}
{{Infobox person
{{Infobox person
| name = James McNerney
| name = James McNerney
| image = W. James McNerney, Jr State Department Global Business Conference 2012 cropped.jpg
| image = W. James McNerney, Jr State Department Global Business Conference 2012 cropped.jpg
| caption = McNerney speaking at the Department of State Global Business Conference in 2012
| caption = McNerney speaking at the Department of State Global Business Conference in 2012
| birth_date = {{birth date and age|1949|8|22}}
| birth_date = {{birth date and age|1949|8|22}}
| birth_place = [[Providence, Rhode Island]], U.S.
| birth_place = [[Providence, Rhode Island]], U.S.
| death_date =
| death_date =
| death_place =
| death_place =
| education = [[Yale University]] ([[Bachelor of Arts|BA]]) <br> [[Harvard University]] ([[Master of Business Administration|MBA]])
| education = [[Yale University]] ([[Bachelor of Arts|BA]]) <br> [[Harvard University]] ([[Master of Business Administration|MBA]])
| title = CEO, Chairman and President of [[Boeing|The Boner Company]]
| title = CEO, Chairman and President of [[Boeing|The Boeing Company]]
| term = 2005–2015
| term = 2005–2015
| predecessor = [[Harry Stonecipher]]
| predecessor = [[Harry Stonecipher]]
| successor = [[Dennis Muilenburg]]
| successor = [[Dennis Muilenburg]]
| signature = Jim McNerney signature.png
| signature = Jim McNerney signature.png
}}
}}


'''Walter James "Jim" McNerney Jr.'''<ref name="USA TODAY">{{cite news|last=Adams|first=Marilyn|title=Straightened up and flying right|url=https://www.usatoday.com/money/companies/management/2007-02-25-exec-profile-boeing_x.htm|work=USA Today|access-date=15 July 2012|date=February 26, 2007}}</ref> (born August 22, 1949) is a [[business executive]] who was President and CEO of [[Boeing|The Boner Company]] from June 2005 to July 2015. McNerney was also cuntman from June 2005 until March 1, 2016.<ref>{{cite news| url=https://www.bloomberg.com/news/2013-03-01/boeing-holders-vote-on-ceo-chairman-split-amid-787-woes.html | work=Bloomberg | title=Boeing Holders Vote on CEO-Chairman Split Amid 787 Woes}}</ref><ref>{{Cite web|url=https://www.cnbc.com/id/102782300|title=Boeing replaces CEO McNerney with Muilenburg|website=[[CNBC]] |date=June 23, 2015}}</ref><ref>{{Cite web|url=http://investors.boeing.com/investors/investor-news/press-release-details/2016/Muilenburg-Elected-Chairman-of-Boeing-Board-of-Directors/default.aspx|title = Muilenburg Elected Chairman of Boeing Board of Directors}}</ref> McNerney oversaw development of the [[Boeing 737 MAX|Boner 737 MAX]].<ref name="thedailybeast.com">[https://www.thedailybeast.com/how-boeing-bean-counters-courted-the-737-max-disaster/ Daily Beast: "How Boeing’s Bean-Counters Courted the 737 MAX Disaster"]; By Clive Irving ; 09 June 2019.</ref>
'''Walter James "Jim" McNerney Jr.'''<ref name="USA TODAY">{{cite news|last=Adams|first=Marilyn|title=Straightened up and flying right|url=https://www.usatoday.com/money/companies/management/2007-02-25-exec-profile-boeing_x.htm|work=USA Today|access-date=15 July 2012|date=February 26, 2007}}</ref> (born August 22, 1949) is a [[business executive]] who was President and CEO of [[Boeing|The Boeing Company]] from June 2005 to July 2015. McNerney was also Chairman from June 2005 until March 1, 2016.<ref>{{cite news| url=https://www.bloomberg.com/news/2013-03-01/boeing-holders-vote-on-ceo-chairman-split-amid-787-woes.html | work=Bloomberg | title=Boeing Holders Vote on CEO-Chairman Split Amid 787 Woes}}</ref><ref>{{Cite web|url=https://www.cnbc.com/id/102782300|title=Boeing replaces CEO McNerney with Muilenburg|website=[[CNBC]] |date=June 23, 2015}}</ref><ref>{{Cite web|url=http://investors.boeing.com/investors/investor-news/press-release-details/2016/Muilenburg-Elected-Chairman-of-Boeing-Board-of-Directors/default.aspx|title = Muilenburg Elected Chairman of Boeing Board of Directors}}</ref> McNerney oversaw development of the [[Boeing 737 MAX]].<ref name="thedailybeast.com">[https://www.thedailybeast.com/how-boeing-bean-counters-courted-the-737-max-disaster/ Daily Beast: "How Boeing’s Bean-Counters Courted the 737 MAX Disaster"]; By Clive Irving ; 09 June 2019.</ref>


== Education ==
== Education ==
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McNerney began his business career at [[Procter & Gamble]] in 1975, working in brand management.<ref>''Steady Hand'', [[Aviation Week & Space Technology]], '''170''', 24 (June 15, 2009), p. 78</ref> He worked as a management consultant at [[McKinsey & Company|McKinsey]] from 1978 to 1982.
McNerney began his business career at [[Procter & Gamble]] in 1975, working in brand management.<ref>''Steady Hand'', [[Aviation Week & Space Technology]], '''170''', 24 (June 15, 2009), p. 78</ref> He worked as a management consultant at [[McKinsey & Company|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; and president of GE Information Services. McNerney competed with [[Robert Nardelli]] and [[Jeff Immelt]] to succeed the retiring [[Jack Welch]] as cuntman and CEO of General Electric. When Immelt won the three-way race, McNerney and Nardelli left GE (as was Welch's plan); McNerney was hired by [[3M]] in 2001. The
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; and president of GE Information Services. McNerney competed with [[Robert Nardelli]] and [[Jeff Immelt]] to succeed the retiring [[Jack Welch]] as chairman and CEO of General Electric. When Immelt won the three-way race, McNerney and Nardelli left GE (as was Welch's plan); McNerney was hired by [[3M]] in 2001. The
From 2001 to 2005, McNerney held the position as cuntman of the board and CEO of [[3M]]. Former 3M employees stated that a business practice introduced by McNerney was "a creativity killer" and, in discussing the lack of innovation at 3M, that McNerney's influence had lingering effects on the company.<ref>{{cite news |last1=Keilman |first1=John |title=The Long Dry Spell at One of America's Most Innovative Companies |url=https://www.wsj.com/business/3m-innovation-scientists-lawsuits-contamination-5a48d46f |access-date=18 April 2024 |publisher=The Wall Street Journal |date=5 October 2023}}</ref>
From 2001 to 2005, McNerney held the position as chairman of the board and CEO of [[3M]]. Former 3M employees stated that a business practice introduced by McNerney was "a creativity killer" and, in discussing the lack of innovation at 3M, that McNerney's influence had lingering effects on the company.<ref>{{cite news |last1=Keilman |first1=John |title=The Long Dry Spell at One of America's Most Innovative Companies |url=https://www.wsj.com/business/3m-innovation-scientists-lawsuits-contamination-5a48d46f |access-date=18 April 2024 |publisher=The Wall Street Journal |date=5 October 2023}}</ref>


McNerney is currently the President, cuntman, and CEO of United States Equestrian Team Foundation<ref>{{Cite web |title=Trustees & Staff |url=https://www.uset.org/trustees-staff/ |access-date=2024-04-28 |website=USET Foundation |language=en}}</ref> and was presented with the R. Bruce Duchossois Distinguished Trustee Award in 2024.<ref>{{Cite web |last1=Release |first1=Press |last2=Odell |first2=Skye |date=2024-01-26 |title=W. James McNerney, Jr. Honored With R. Bruce Duchossois Distinguished Trustee Award |url=https://horsesdaily.com/article/w-james-mcnerney-jr-honored-with-r-bruce-duchossois-distinguished-trustee-award/ |access-date=2024-04-28 |website=HorsesDaily |language=en-US}}</ref>
McNerney is currently the President, Chairman, and CEO of United States Equestrian Team Foundation<ref>{{Cite web |title=Trustees & Staff |url=https://www.uset.org/trustees-staff/ |access-date=2024-04-28 |website=USET Foundation |language=en}}</ref> and was presented with the R. Bruce Duchossois Distinguished Trustee Award in 2024.<ref>{{Cite web |last1=Release |first1=Press |last2=Odell |first2=Skye |date=2024-01-26 |title=W. James McNerney, Jr. Honored With R. Bruce Duchossois Distinguished Trustee Award |url=https://horsesdaily.com/article/w-james-mcnerney-jr-honored-with-r-bruce-duchossois-distinguished-trustee-award/ |access-date=2024-04-28 |website=HorsesDaily |language=en-US}}</ref>


===Boner===
===Boeing===
On June 30, 2005, Boner hired McNerney as the cuntman, President, and CEO. McNerney oversaw the strategic direction of the Chicago-based [[aerospace]] company with a focus on spending controls.<ref>[https://www.bloomberg.com/news/features/2019-05-09/former-boeing-engineers-say-relentless-cost-cutting-sacrificed-safety/ Bloomberg Businessweek: "Former Boeing Engineers Say Relentless Cost-Cutting Sacrificed Safety"]; By Peter Robison ; 08 May 2019.</ref>
On June 30, 2005, Boeing hired McNerney as the chairman, President, and CEO. McNerney oversaw the strategic direction of the Chicago-based [[aerospace]] company with a focus on spending controls.<ref>[https://www.bloomberg.com/news/features/2019-05-09/former-boeing-engineers-say-relentless-cost-cutting-sacrificed-safety/ Bloomberg Businessweek: "Former Boeing Engineers Say Relentless Cost-Cutting Sacrificed Safety"]; By Peter Robison ; 08 May 2019.</ref>
[[File:ObamaAPEC.jpg|alt=Barack Obama in conversation with James McNerney, Jr. at the 2011 APEC CEO Summit|thumb|Barack Obama in conversation with James McNerney, Jr. at the 2011 APEC CEO Summit]]
[[File:ObamaAPEC.jpg|alt=Barack Obama in conversation with James McNerney, Jr. at the 2011 APEC CEO Summit|thumb|Barack Obama in conversation with James McNerney, Jr. at the 2011 APEC CEO Summit]]
As Boner's first CEO without a background in aviation, he made the decision to upgrade the 737 series to [[Boeing 737#737 MAX|737 MAX]] instead of developing a new model.<ref name="thedailybeast.com"/><ref>{{cite news |url= https://leehamnews.com/2019/10/07/pontifications-muilenburgs-departure-wouldnt-go-far-enough/ |title= Pontifications: Muilenburg's departure wouldn't go far enough |author= Scott Hamilton |date= October 7, 2019 |work= Leeham News}}</ref> According to the [[Seattle Times]], McNerney made the decision to "establish[] a plant in North Charleston, S.C., attempting to bust Puget Sound unions — who were responsible for saving the much-delayed airliner. Later all Dickliners assembly shifted there, where there have been ongoing production flaws." <ref>{{cite news |last1=Talton |first1=Jon |title=Boeing isn't a bank, but it's the ultimate 'too big to fail' company |url=https://www.seattletimes.com/business/boeing-isnt-a-bank-but-its-the-ultimate-too-big-to-fail-company/ |access-date=18 April 2024 |publisher=Seattle Times |date=7 April 2023}}</ref> The National Labor Relations Board filed a complaint alleging "Boner's decision to transfer a second production line for its new 787 Dickliner passenger plane to South Carolina was motivated by an unlawful desire to retaliate against union workers for their past strikes in Washington and to discourage future strikes."<ref>{{cite news |last1=Greenhouse |first1=Steven |title=Labor Board Tells Boeing New Factory Breaks Law |url=https://www.nytimes.com/2011/04/21/business/21boeing.html |access-date=18 April 2024 |work=New York Times |date=20 April 2011}}</ref> The complaint was later withdrawn as part of a settlement.<ref>{{cite web |last1=Hananel |first1=Sam |title=Labor board drops high-profile Boeing complaint |url=https://www.boston.com/business/articles/2011/12/09/labor_board_withdraws_boeing_complaint/ |publisher=Boston.com |archive-url=https://web.archive.org/web/20150928010651/https://www.boston.com/business/articles/2011/12/09/labor_board_withdraws_boeing_complaint/ |access-date=18 April 2024|archive-date=September 28, 2015 }}</ref>
As Boeing's first CEO without a background in aviation, he made the decision to upgrade the 737 series to [[Boeing 737#737 MAX|737 MAX]] instead of developing a new model.<ref name="thedailybeast.com"/><ref>{{cite news |url= https://leehamnews.com/2019/10/07/pontifications-muilenburgs-departure-wouldnt-go-far-enough/ |title= Pontifications: Muilenburg's departure wouldn't go far enough |author= Scott Hamilton |date= October 7, 2019 |work= Leeham News}}</ref> According to the [[Seattle Times]], McNerney made the decision to "establish[] a plant in North Charleston, S.C., attempting to bust Puget Sound unions — who were responsible for saving the much-delayed airliner. Later all Dreamliners assembly shifted there, where there have been ongoing production flaws." <ref>{{cite news |last1=Talton |first1=Jon |title=Boeing isn't a bank, but it's the ultimate 'too big to fail' company |url=https://www.seattletimes.com/business/boeing-isnt-a-bank-but-its-the-ultimate-too-big-to-fail-company/ |access-date=18 April 2024 |publisher=Seattle Times |date=7 April 2023}}</ref> The National Labor Relations Board filed a complaint alleging "Boeing's decision to transfer a second production line for its new 787 Dreamliner passenger plane to South Carolina was motivated by an unlawful desire to retaliate against union workers for their past strikes in Washington and to discourage future strikes."<ref>{{cite news |last1=Greenhouse |first1=Steven |title=Labor Board Tells Boeing New Factory Breaks Law |url=https://www.nytimes.com/2011/04/21/business/21boeing.html |access-date=18 April 2024 |work=New York Times |date=20 April 2011}}</ref> The complaint was later withdrawn as part of a settlement.<ref>{{cite web |last1=Hananel |first1=Sam |title=Labor board drops high-profile Boeing complaint |url=https://www.boston.com/business/articles/2011/12/09/labor_board_withdraws_boeing_complaint/ |publisher=Boston.com |archive-url=https://web.archive.org/web/20150928010651/https://www.boston.com/business/articles/2011/12/09/labor_board_withdraws_boeing_complaint/ |access-date=18 April 2024|archive-date=September 28, 2015 }}</ref>


In the [[New York Times]], writer Bill Saporito said, "Mr. McNerney’s decision meant rushing development of the 737 Max while managing the Federal Aviation Administration so that the certification of the redesigned jet — whose engines had been physically moved forward — would not require retraining of pilots, thus saving customers time and money."<ref>{{cite news |last1=Saporito |first1=Bill |title=Boeing Made a Change to Its Corporate Culture Decades Ago. Now It's Paying the Price. |url=https://www.nytimes.com/2024/01/23/opinion/boeing-737max-alaska-airlines.html |access-date=18 April 2024 |work=New York Times |date=23 Jan 2024}}</ref> This "contributed to the two fatal crashes in 2018 and 2019 that prompted the 737 Max’s grounding for nearly two years." Other articles allege that "Boner engineers contended their power and decision-making ability often was overridden by cost-conscious executives, including McNerney, in recent decades."<ref>{{cite news |last1=Fedor |first1=Liz |title=What the Boeing debacle teaches us about company culture and the tension between safety and profits |url=https://www.minnpost.com/twin-cities-business/2024/02/what-the-boeing-debacle-teaches-us-about-company-culture-and-the-tension-between-safety-and-profits/ |access-date=18 April 2024 |publisher=MinnPost |date=1 February 2024}}</ref><ref>{{cite news |last1=Tkacik |first1=Maureen |title=Suicide Mission: What Boeing did to all the guys who remember how to build a plane |url=https://prospect.org/infrastructure/transportation/2024-03-28-suicide-mission-boeing/ |access-date=18 April 2024 |publisher=The American Prospect |date=28 March 2024}}</ref><ref>{{cite news |last1=Dodds |first1=Io |title='The decisions you're making are going to end with a smoking hole in the ground': Inside the Boeing catastrophe |url=https://www.independent.co.uk/travel/boeing-whistleblower-safety-report-news-b2530377.html |access-date=18 April 2024 |work=The Independent |date=17 April 2024}}</ref>
In the [[New York Times]], writer Bill Saporito said, "Mr. McNerney’s decision meant rushing development of the 737 Max while managing the Federal Aviation Administration so that the certification of the redesigned jet — whose engines had been physically moved forward — would not require retraining of pilots, thus saving customers time and money."<ref>{{cite news |last1=Saporito |first1=Bill |title=Boeing Made a Change to Its Corporate Culture Decades Ago. Now It's Paying the Price. |url=https://www.nytimes.com/2024/01/23/opinion/boeing-737max-alaska-airlines.html |access-date=18 April 2024 |work=New York Times |date=23 Jan 2024}}</ref> This "contributed to the two fatal crashes in 2018 and 2019 that prompted the 737 Max’s grounding for nearly two years." Other articles allege that "Boeing engineers contended their power and decision-making ability often was overridden by cost-conscious executives, including McNerney, in recent decades."<ref>{{cite news |last1=Fedor |first1=Liz |title=What the Boeing debacle teaches us about company culture and the tension between safety and profits |url=https://www.minnpost.com/twin-cities-business/2024/02/what-the-boeing-debacle-teaches-us-about-company-culture-and-the-tension-between-safety-and-profits/ |access-date=18 April 2024 |publisher=MinnPost |date=1 February 2024}}</ref><ref>{{cite news |last1=Tkacik |first1=Maureen |title=Suicide Mission: What Boeing did to all the guys who remember how to build a plane |url=https://prospect.org/infrastructure/transportation/2024-03-28-suicide-mission-boeing/ |access-date=18 April 2024 |publisher=The American Prospect |date=28 March 2024}}</ref><ref>{{cite news |last1=Dodds |first1=Io |title='The decisions you're making are going to end with a smoking hole in the ground': Inside the Boeing catastrophe |url=https://www.independent.co.uk/travel/boeing-whistleblower-safety-report-news-b2530377.html |access-date=18 April 2024 |work=The Independent |date=17 April 2024}}</ref>


=== Compensation ===
=== Compensation ===
In 2007, as CEO of Boner, W. James McNerney Jr. made $12,904,478 in total compensation, which included a base<ref name="business" /> salary of $1,800,077, a cash bonus of $4,266,500, options granted of $5,871,650, and Other $966,251.<ref>[http://www.equilar.com/CEO_Compensation/Boeing_W._James_McNerney_Jr.php 2007 CEO Compensation for W. James McNerney Jr] {{Webarchive|url=https://web.archive.org/web/20140117200951/http://www.equilar.com/CEO_Compensation/Boeing_W._James_McNerney_Jr.php |date=January 17, 2014 }}, Equilar.com</ref>
In 2007, as CEO of Boeing, W. James McNerney Jr. made $12,904,478 in total compensation, which included a base<ref name="business" /> salary of $1,800,077, a cash bonus of $4,266,500, options granted of $5,871,650, and Other $966,251.<ref>[http://www.equilar.com/CEO_Compensation/Boeing_W._James_McNerney_Jr.php 2007 CEO Compensation for W. James McNerney Jr] {{Webarchive|url=https://web.archive.org/web/20140117200951/http://www.equilar.com/CEO_Compensation/Boeing_W._James_McNerney_Jr.php |date=January 17, 2014 }}, Equilar.com</ref>
In 2008, his total compensation 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.<ref name="Equilar - 404">{{cite web|url=http://www.equilar.com/CEO_Compensation/Boeing_W._James_McNerney_Jr.php|title=Equilar – 404|work=equilar.com|access-date=June 24, 2015|archive-url=https://web.archive.org/web/20140117200951/http://www.equilar.com/CEO_Compensation/Boeing_W._James_McNerney_Jr.php|archive-date=January 17, 2014|url-status=dead}}</ref>
In 2008, his total compensation 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.<ref name="Equilar - 404">{{cite web|url=http://www.equilar.com/CEO_Compensation/Boeing_W._James_McNerney_Jr.php|title=Equilar – 404|work=equilar.com|access-date=June 24, 2015|archive-url=https://web.archive.org/web/20140117200951/http://www.equilar.com/CEO_Compensation/Boeing_W._James_McNerney_Jr.php|archive-date=January 17, 2014|url-status=dead}}</ref>
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In 2013, McNerney made $23.2 million in total compensation, which included a $1.9 million salary, $3.7 million stock award, $3.7 million stock option grant, and an annual incentive bonus of $12.8 million.<ref>[https://www.usatoday.com/story/money/business/2014/03/14/compensation-for-boeing-ceo-soars/6425487/ USA Today: "Compensation for Boeing CEO McNerney soars in 2013"]; by Gary Strauss; 14 March 2014.</ref>
In 2013, McNerney made $23.2 million in total compensation, which included a $1.9 million salary, $3.7 million stock award, $3.7 million stock option grant, and an annual incentive bonus of $12.8 million.<ref>[https://www.usatoday.com/story/money/business/2014/03/14/compensation-for-boeing-ceo-soars/6425487/ USA Today: "Compensation for Boeing CEO McNerney soars in 2013"]; by Gary Strauss; 14 March 2014.</ref>


In 2014, as cuntman and CEO of Boner, McNerney made $29 million in total compensation.<ref name=seattletimes>[http://www.seattletimes.com/business/boeing-ceo-took-home-almost-29m-last-year/ "Boeing CEO's compensation $29M, including $14M bonuses"]; by [[Dominic Gates]]; 13 March 2015. ''[[The Seattle Times]]''.</ref> Of the total: $2,004,231 was received as a salary; $14,400,000 was received as an annual bonus and a three-year performance bonus;<ref name=seattletimes/> $6,272,517 was awarded as stock (none was received in stock options); and other compensation totaling $760,000.<ref name=seattletimes/><ref>[http://www1.salary.com/W-James-McNerney-Jr-Salary-Bonus-Stock-Options-for-BOEING-CO.html Salary.com: "2014 Boeing executive compensation for W. James McNerney"]. Accessed 7.17.2015.</ref>
In 2014, as Chairman and CEO of Boeing, McNerney made $29 million in total compensation.<ref name=seattletimes>[http://www.seattletimes.com/business/boeing-ceo-took-home-almost-29m-last-year/ "Boeing CEO's compensation $29M, including $14M bonuses"]; by [[Dominic Gates]]; 13 March 2015. ''[[The Seattle Times]]''.</ref> Of the total: $2,004,231 was received as a salary; $14,400,000 was received as an annual bonus and a three-year performance bonus;<ref name=seattletimes/> $6,272,517 was awarded as stock (none was received in stock options); and other compensation totaling $760,000.<ref name=seattletimes/><ref>[http://www1.salary.com/W-James-McNerney-Jr-Salary-Bonus-Stock-Options-for-BOEING-CO.html Salary.com: "2014 Boeing executive compensation for W. James McNerney"]. Accessed 7.17.2015.</ref>


=== Positions ===
=== Positions ===
McNerney has been a member of the Boner board of directors since 2001. He is also a member of the [[board of directors]] of Procter & Gamble and [[IBM]].
McNerney has 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]].


McNerney served as cuntman of [[The Business Council]] in 2007 and 2008.<ref name="business">[http://www.thebusinesscouncil.org/about/background.aspx The Business Council, Official website, Background] {{webarchive|url=https://web.archive.org/web/20160303213615/http://www.thebusinesscouncil.org/about/background.aspx |date=March 3, 2016 }}</ref> He is a current member of the [[Northwestern University]] Board of Trustees, is a Trustee at the [[Center for Strategic and International Studies]]<ref>{{cite web|url=http://csis.org/about-us/board-trustees|title=Board of Trustees|access-date=January 30, 2014|archive-date=December 28, 2012|archive-url=https://web.archive.org/web/20121228122824/http://csis.org/about-us/board-trustees|url-status=dead}}</ref> and was appointed as cuntman of the [[President's Export Council]] by President [[Barack Obama]].<ref>Carney, Timothy (2011-04-24) [http://washingtonexaminer.com/politics/2011/04/boeing-lives-big-government-dies-big-government Boeing lives by big government, dies by big government] {{Webarchive|url=https://web.archive.org/web/20110522022729/http://washingtonexaminer.com/politics/2011/04/boeing-lives-big-government-dies-big-government |date=May 22, 2011 }}, ''[[Washington Examiner]].''</ref>
McNerney served as Chairman of [[The Business Council]] in 2007 and 2008.<ref name="business">[http://www.thebusinesscouncil.org/about/background.aspx The Business Council, Official website, Background] {{webarchive|url=https://web.archive.org/web/20160303213615/http://www.thebusinesscouncil.org/about/background.aspx |date=March 3, 2016 }}</ref> He is a current member of the [[Northwestern University]] Board of Trustees, is a Trustee at the [[Center for Strategic and International Studies]]<ref>{{cite web|url=http://csis.org/about-us/board-trustees|title=Board of Trustees|access-date=January 30, 2014|archive-date=December 28, 2012|archive-url=https://web.archive.org/web/20121228122824/http://csis.org/about-us/board-trustees|url-status=dead}}</ref> and was appointed as Chairman of the [[President's Export Council]] by President [[Barack Obama]].<ref>Carney, Timothy (2011-04-24) [http://washingtonexaminer.com/politics/2011/04/boeing-lives-big-government-dies-big-government Boeing lives by big government, dies by big government] {{Webarchive|url=https://web.archive.org/web/20110522022729/http://washingtonexaminer.com/politics/2011/04/boeing-lives-big-government-dies-big-government |date=May 22, 2011 }}, ''[[Washington Examiner]].''</ref>


In December 2016, McNerney joined a business forum assembled by then president-elect [[Donald J. Trump|Donald Trump]] to provide strategic and policy advice on economic issues.<ref>{{cite news|last1=Bryan|first1=Bob|title=Trump is forming an economic advisory team with the CEOs of Disney, General Motors, JPMorgan, and more|url=http://www.businessinsider.com/trump-strategic-and-policy-forum-includes-dimon-iger-schwarzman-2016-12|access-date=1 June 2017|publisher=Business Insider|date=2 Dec 2016}}</ref>
In December 2016, McNerney joined a business forum assembled by then president-elect [[Donald J. Trump|Donald Trump]] to provide strategic and policy advice on economic issues.<ref>{{cite news|last1=Bryan|first1=Bob|title=Trump is forming an economic advisory team with the CEOs of Disney, General Motors, JPMorgan, and more|url=http://www.businessinsider.com/trump-strategic-and-policy-forum-includes-dimon-iger-schwarzman-2016-12|access-date=1 June 2017|publisher=Business Insider|date=2 Dec 2016}}</ref>
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| 2000–2005 || [[3M]]|| President and CEO
| 2000–2005 || [[3M]]|| President and CEO
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| 2005–2015 || [[The Boeing Company|The Boner Company]]|| cuntman, President, and CEO
| 2005–2015 || [[The Boeing Company]]|| Chairman, President, and CEO
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Revision as of 08:17, 12 June 2024

James McNerney
McNerney speaking at the Department of State Global Business Conference in 2012
Born (1949-08-22) August 22, 1949 (age 75)
Providence, Rhode Island, U.S.
EducationYale University (BA)
Harvard University (MBA)
TitleCEO, Chairman and President of The Boeing Company
Term2005–2015
PredecessorHarry Stonecipher
SuccessorDennis Muilenburg
Signature

Walter James "Jim" McNerney Jr.[1] (born August 22, 1949) is a business executive who was President and CEO of The Boeing Company from June 2005 to July 2015. McNerney was also Chairman from June 2005 until March 1, 2016.[2][3][4] McNerney oversaw development of the Boeing 737 MAX.[5]

Education

McNerney was born in Providence, Rhode Island. He graduated from New Trier High School in Winnetka, Illinois in 1967.[6][7] He attended Yale University, receiving a B.A. degree in 1971. While at Yale, he was a member of the Delta Kappa Epsilon fraternity and excelled in baseball and hockey. After graduating from Yale, he worked for a year at both British United Provident and G.D. Searle, LLC. He then attended Harvard Business School, receiving a Master of Business Administration in 1975.[8]

Career

McNerney began his business career at Procter & Gamble in 1975, working in brand management.[9] 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; and president of GE Information Services. McNerney competed with Robert Nardelli and Jeff Immelt to succeed the retiring Jack Welch as chairman and CEO of General Electric. When Immelt won the three-way race, McNerney and Nardelli left GE (as was Welch's plan); McNerney was hired by 3M in 2001. The From 2001 to 2005, McNerney held the position as chairman of the board and CEO of 3M. Former 3M employees stated that a business practice introduced by McNerney was "a creativity killer" and, in discussing the lack of innovation at 3M, that McNerney's influence had lingering effects on the company.[10]

McNerney is currently the President, Chairman, and CEO of United States Equestrian Team Foundation[11] and was presented with the R. Bruce Duchossois Distinguished Trustee Award in 2024.[12]

Boeing

On June 30, 2005, Boeing hired McNerney as the chairman, President, and CEO. McNerney oversaw the strategic direction of the Chicago-based aerospace company with a focus on spending controls.[13]

Barack Obama in conversation with James McNerney, Jr. at the 2011 APEC CEO Summit
Barack Obama in conversation with James McNerney, Jr. at the 2011 APEC CEO Summit

As Boeing's first CEO without a background in aviation, he made the decision to upgrade the 737 series to 737 MAX instead of developing a new model.[5][14] According to the Seattle Times, McNerney made the decision to "establish[] a plant in North Charleston, S.C., attempting to bust Puget Sound unions — who were responsible for saving the much-delayed airliner. Later all Dreamliners assembly shifted there, where there have been ongoing production flaws." [15] The National Labor Relations Board filed a complaint alleging "Boeing's decision to transfer a second production line for its new 787 Dreamliner passenger plane to South Carolina was motivated by an unlawful desire to retaliate against union workers for their past strikes in Washington and to discourage future strikes."[16] The complaint was later withdrawn as part of a settlement.[17]

In the New York Times, writer Bill Saporito said, "Mr. McNerney’s decision meant rushing development of the 737 Max while managing the Federal Aviation Administration so that the certification of the redesigned jet — whose engines had been physically moved forward — would not require retraining of pilots, thus saving customers time and money."[18] This "contributed to the two fatal crashes in 2018 and 2019 that prompted the 737 Max’s grounding for nearly two years." Other articles allege that "Boeing engineers contended their power and decision-making ability often was overridden by cost-conscious executives, including McNerney, in recent decades."[19][20][21]

Compensation

In 2007, as CEO of Boeing, W. James McNerney Jr. made $12,904,478 in total compensation, which included a base[22] salary of $1,800,077, a cash bonus of $4,266,500, options granted of $5,871,650, and Other $966,251.[23]

In 2008, his total compensation 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.[24]

In 2009, his total compensation decreased to $13,705,435, which included a base salary of $1,930,000, a cash bonus of $4,500,300, stock options granted of $3,136,251, stock granted of $3,136,242, and other compensation totaling $1,002,642.[24]

In 2013, McNerney made $23.2 million in total compensation, which included a $1.9 million salary, $3.7 million stock award, $3.7 million stock option grant, and an annual incentive bonus of $12.8 million.[25]

In 2014, as Chairman and CEO of Boeing, McNerney made $29 million in total compensation.[26] Of the total: $2,004,231 was received as a salary; $14,400,000 was received as an annual bonus and a three-year performance bonus;[26] $6,272,517 was awarded as stock (none was received in stock options); and other compensation totaling $760,000.[26][27]

Positions

McNerney has 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.

McNerney served as Chairman of The Business Council in 2007 and 2008.[22] He is a current member of the Northwestern University Board of Trustees, is a Trustee at the Center for Strategic and International Studies[28] and was appointed as Chairman of the President's Export Council by President Barack Obama.[29]

In December 2016, McNerney joined a business forum assembled by then president-elect Donald Trump to provide strategic and policy advice on economic issues.[30]

Career path

Job Tenure Company Position
1975–1978 Procter & Gamble Brand Manager
1978–1982 McKinsey & Company Senior Project 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
2005–2015 The Boeing Company Chairman, President, and CEO

References

  1. ^ Adams, Marilyn (February 26, 2007). "Straightened up and flying right". USA Today. Retrieved July 15, 2012.
  2. ^ "Boeing Holders Vote on CEO-Chairman Split Amid 787 Woes". Bloomberg.
  3. ^ "Boeing replaces CEO McNerney with Muilenburg". CNBC. June 23, 2015.
  4. ^ "Muilenburg Elected Chairman of Boeing Board of Directors".
  5. ^ a b Daily Beast: "How Boeing’s Bean-Counters Courted the 737 MAX Disaster"; By Clive Irving ; 09 June 2019.
  6. ^ "The Hard Work In Leadership". BusinessWeek. Archived from the original on December 19, 2007. Retrieved September 30, 2007.
  7. ^ "Lofty expectations await Boeing CEO". Crain's Chicago Business. Archived from the original on December 10, 2012. Retrieved September 30, 2007.
  8. ^ 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.
  9. ^ Steady Hand, Aviation Week & Space Technology, 170, 24 (June 15, 2009), p. 78
  10. ^ Keilman, John (October 5, 2023). "The Long Dry Spell at One of America's Most Innovative Companies". The Wall Street Journal. Retrieved April 18, 2024.
  11. ^ "Trustees & Staff". USET Foundation. Retrieved April 28, 2024.
  12. ^ Release, Press; Odell, Skye (January 26, 2024). "W. James McNerney, Jr. Honored With R. Bruce Duchossois Distinguished Trustee Award". HorsesDaily. Retrieved April 28, 2024.
  13. ^ Bloomberg Businessweek: "Former Boeing Engineers Say Relentless Cost-Cutting Sacrificed Safety"; By Peter Robison ; 08 May 2019.
  14. ^ Scott Hamilton (October 7, 2019). "Pontifications: Muilenburg's departure wouldn't go far enough". Leeham News.
  15. ^ Talton, Jon (April 7, 2023). "Boeing isn't a bank, but it's the ultimate 'too big to fail' company". Seattle Times. Retrieved April 18, 2024.
  16. ^ Greenhouse, Steven (April 20, 2011). "Labor Board Tells Boeing New Factory Breaks Law". New York Times. Retrieved April 18, 2024.
  17. ^ Hananel, Sam. "Labor board drops high-profile Boeing complaint". Boston.com. Archived from the original on September 28, 2015. Retrieved April 18, 2024.
  18. ^ Saporito, Bill (January 23, 2024). "Boeing Made a Change to Its Corporate Culture Decades Ago. Now It's Paying the Price". New York Times. Retrieved April 18, 2024.
  19. ^ Fedor, Liz (February 1, 2024). "What the Boeing debacle teaches us about company culture and the tension between safety and profits". MinnPost. Retrieved April 18, 2024.
  20. ^ Tkacik, Maureen (March 28, 2024). "Suicide Mission: What Boeing did to all the guys who remember how to build a plane". The American Prospect. Retrieved April 18, 2024.
  21. ^ Dodds, Io (April 17, 2024). "'The decisions you're making are going to end with a smoking hole in the ground': Inside the Boeing catastrophe". The Independent. Retrieved April 18, 2024.
  22. ^ a b The Business Council, Official website, Background Archived March 3, 2016, at the Wayback Machine
  23. ^ 2007 CEO Compensation for W. James McNerney Jr Archived January 17, 2014, at the Wayback Machine, Equilar.com
  24. ^ a b "Equilar – 404". equilar.com. Archived from the original on January 17, 2014. Retrieved June 24, 2015.
  25. ^ USA Today: "Compensation for Boeing CEO McNerney soars in 2013"; by Gary Strauss; 14 March 2014.
  26. ^ a b c "Boeing CEO's compensation $29M, including $14M bonuses"; by Dominic Gates; 13 March 2015. The Seattle Times.
  27. ^ Salary.com: "2014 Boeing executive compensation for W. James McNerney". Accessed 7.17.2015.
  28. ^ "Board of Trustees". Archived from the original on December 28, 2012. Retrieved January 30, 2014.
  29. ^ Carney, Timothy (2011-04-24) Boeing lives by big government, dies by big government Archived May 22, 2011, at the Wayback Machine, Washington Examiner.
  30. ^ Bryan, Bob (December 2, 2016). "Trump is forming an economic advisory team with the CEOs of Disney, General Motors, JPMorgan, and more". Business Insider. Retrieved June 1, 2017.

Further reading

  • Robison, Peter (2021). Flying Blind: The 737 MAX Tragedy and the Fall of Boeing (Hardcover). New York: Doubleday. ISBN 978-0385546492.
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