During Boeing’s earnings call earlier this week, CEO Dave Calhoun, who had announced he is stepping down by the end of the year, stated that his preference for a replacement would be a Boeing insider. In our view, this would be a serious mistake for the company, which needs to undergo a cultural transformation.
The corporate culture that made Boeing successful from the start of the jet age through the 1990s was engineering-driven. That culture changed after the merger with McDonnell-Douglas when former GE employees who were disciples of GE CEO Jack Welch introduced the concept of managing shareholder value. Those concepts, which weaken a company over the long term, occurred at both GE and Boeing
and other companies that followed that practice.
Weaning the company from managing to shareholder value requires an outsider who could find fault with the prior approach and lead change without the baggage of a long history with the company.
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