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
BornW. James McNerney, Jr
(1949-08-22) August 22, 1949 (age 65)
Providence, Rhode Island, U.S.
ResidenceChicago, Illinois
NationalityAmerican
Alma materYale University (B.A.)
Harvard University (M.B.A.)
OccupationCEO of The Boeing Company
SalaryUS$ 1,930,000 (2010)[1]
Total: US$ 19,740,023 (2010)[1]
 
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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
BornW. James McNerney, Jr
(1949-08-22) August 22, 1949 (age 65)
Providence, Rhode Island, U.S.
ResidenceChicago, Illinois
NationalityAmerican
Alma materYale University (B.A.)
Harvard University (M.B.A.)
OccupationCEO of The Boeing Company
SalaryUS$ 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. was given 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 TenureCompanyPosition
1975 – 1978Procter & GambleBrand Manager
1978 – 1982McKinsey & CompanySenior Manager
1982 – 1988GE Mobile CommunicationsGeneral Manager
1988 – 1989GE Information ServicesPresident
1989 – 1991GE Financial Services and GE CapitalExecutive Vice President
1991 – 1992GE Electrical Distribution and ControlPresident and CEO
1993 – 1995GE Asia-PacificPresident
1995 – 1997GE LightingPresident
1997 – 2000GE Aircraft EnginesPresident and CEO
2000 – 20053MPresident and CEO
2005 - CurrentThe Boeing CompanyChairman, President and CEO

References[edit]

  1. ^ a b [1]
  2. ^ Adams, Marilyn (February 26, 2007). "Straightened up and flying right". USA Today. Retrieved 15 July 2012. 
  3. ^ "Boeing Holders Vote on CEO-Chairman Split Amid 787 Woes". Bloomberg. 
  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