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Boeing under Phil Condit |
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"I am proud of the strategies that have transformed Boeing into the world's largest aerospace company. I will watch the progress of Boeing with great pride." - Phil Condit, chairman and CEO of Boeing in December 2003.1 "I don't think Phil Condit per se was involved in the controversy regarding the tanker negotiations. I just think that in order to stanch any further unease with the Pentagon in current and future contracts, and any concerns that internal controls were weak, Phil Condit had to fall on his sword." - Robert Friedman, senior aerospace defense analyst for S&P Equity Group in 2003.2 "His seven-year reign was marked by a flawed strategy, questionable acquisitions, manufacturing controversies, and the ethical lapses at the company that jeopardized important contracts with the government." - BusinessWeek in early 2004.3 Condit Steps DownIn December 2003, the board of The Boeing Company (Boeing) announced that it had accepted the resignation of chairman and CEO, Philip Condit (Condit). Condit's resignation came close on the heels of a management shakeup in late-November that year, in which the company's CFO, Michael Sears (Sears) and the vice president and deputy general manager of the Missile Defense Systems unit, Darleen Druyun (Druyun), were fired for alleged misconduct in a Boeing deal involving the Pentagon.4
Condit was not held personally responsible for any of the problems of Boeing, and both he and the board insisted that his resignation was voluntary. "I offered to resign as a way to put the distractions and controversies of the past year behind us,"said Condit.8 However, analysts felt that there was more to it than met the eye.
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