James A. Bell, CFO at Boeing Co., today was named interim president and CEO, according to a company statement. He replaces Harry Stonecipher, who was forced out by the board of directors. Mr. Bell, whose duties include overseeing the pension fund, will remain CFO, said Anne Eisele, director-finance communications. Boeing has $38.49 billion in defined benefit assets and $22.5 billion in 401(k) assets.
The board asked for and received Mr. Stonecipher's resignation following an investigation by internal and external legal counsel surrounding a personal relationship between Mr. Stonecipher and a female executive of the company who did not report directly to him, the statement said. "The board determined the that his actions were inconsistent with Boeing's code of conduct." The female executive, who was not named, remains with the company.