Phil Condit resigned today as chairman and CEO of Boeing Co., Chicago. He was replaced by Lewis E. Platt as non-executive chairman and Harry C. Stonecipher as president and CEO, effective immediately. "We're supportive of the separation of chairman and CEO positions," said Brad Pacheco, spokesman for the $155.5 billion California Public Employees' Retirement System, Sacramento. CalPERS holds a bit more than 5 million shares of Boeing stock in an index portfolio and hadn't taken an advocacy role in the board's restructuring, he said.
CalPERS voted for a shareholder proposal in April to separate the chairman and CEO positions and withheld its votes for all directors at Boeing.