Walter James "Jim" McNerney Jr. (born August 22, 1949) is a business executive who was President and CEO of Boeing, The Boeing Company, June 2005–July 2015. McNerney was also Chairman from June 2005 until March 1, 2016. McNerney oversaw development of the Boeing 737 MAX.Daily Beast: "How Boeing’s Bean-Counters Courted the 737 MAX Disaster"
By Clive Irving ; 09 June 2019.

Education

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

Career

McNerney began his business career at Procter & Gamble in 1975, working in brand management. 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, one of the world's largest financial service companies; 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. From 2001 to 2005, McNerney held the position as chairman of the board and CEO of 3M, a global industrial company with leading positions in electronics, telecommunications, industrial, consumer and office products, health care, safety and other businesses.

Boeing

On June 30, 2005, Boeing, The Boeing Company 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. ObamaAPEC

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.

Compensation

In 2007, as CEO of Boeing, W. James McNerney Jr. made $12,904,478 in total compensation, 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. 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. 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. 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. In 2014, as Chairman and CEO of Boeing, McNerney made $29 million in total compensation."Boeing CEO's compensation $29M, including $14M bonuses"
by Dominic Gates; 13 March 2015. ''The Seattle Times''. 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; $6,272,517 was awarded as stock (none was received in stock options); and other compensation totaling $760,000.

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. He served as Chairman of The Business Council in 2007 and 2008.The Business Council, Official website, Background
He is a current member of the Northwestern University Board of Trustees, is a Trustee at the Center for Strategic and International Studies and served as Chairman of the President's Export Council, appointed by President Barack Obama. 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.

Career path

References

External links

W. James McNerney, Jr. executive biography
* {{DEFAULTSORT:McNerney, James American chairpersons of corporations American chief executives of manufacturing companies Boeing people American corporate directors 1949 births Living people American management consultants Chairmen of Boeing General Electric people Procter & Gamble people Businesspeople from Providence, Rhode Island People from Winnetka, Illinois Harvard Business School alumni McKinsey & Company people New Trier High School alumni Yale University alumni