Gary B. Bland, who was to move with Boeing Co. to Chicago and continue overseeing its $65 billion in retirement funds, reconsidered and now will retire from the company at the end of August, he said.
"I had agreed to go (to Chicago), said Mr. Bland, vice president-trust investments. "But none of my staff did, with the exception of Jim Wadhwani, director-trust investments. "After thinking about it some more, I thought this is probably a good time for someone else to come in and start fresh with a new team and new ideas.
Mr. Bland suggested the company may make changes in the investment structures of its $41 billion defined benefit fund and $24 billion defined contribution fund.
Boeing hired Korn/Ferry to search for a replacement for Mr. Bland, and Heidrick & Struggles to recruit for the other positions, including specialists in private equity, performance analytics and equities. T. Michael Cappetto, also a director-trust investments, overseeing equity managers, will fill the new Seattle-based position of 401(k) investment specialist, Mr. Bland said.