James McNerney appointment leads to talks about consistent profits at Boeing

James McNerney appointment leads to talks about consistent profits at Boeing

James McNerney hiring as the new chief executive of Boeing has raised investor interest back in the company’s future as they are now talking about bigger and more consistent profits. 3M is said to be pretty shocked at the sudden loss of this senior executive. The appointment seems to have done wonders for Boeing on the stock market as the shares rose 7%. 3M saw a drop of 4.9% in their shares.

McNerney is an outsider for the company had earlier expressed views to continue at his current position at 3M but on later stage decided to move onto the more glamorous, more global, and more troubled aircraft and military equipment maker. He had run a similar sort of business model while working for General Electric.

McNerney said in a statement before he changed his mind to move to Boeing: “There was a lot that was tugging at me to stay at 3M. You don’t want to admit that you want something else.” Things were different after sometime as he talked again to the media: “I realized that the job was about to go away, and I realized that I did want it, and that 3M could live without me.”

Boeing would be matching his 3M salary and bonus and would cover for his stock-based compensation, which could total more than US$60 million.