NEW YORK (Standard&Poor's) Dec. 1, 2003--Boeing Co. (A/Stable/A-1) announced today the resignation of Phil Condit as chairman and CEO, and the appointment of Harry Stonecipher as president and CEO. Standard&Poor's Ratings Services said its ratings on Boeing (which were lowered on May 15, 2003, to the current levels) and outlook are not affected by these developments. Mr. Stonecipher is an experienced aerospace executive who held key posts with the company in the past. Still, the announcements are another in a series of surprises and controversies in 2003, including the recent termination of CFO Mike Sears. Mr. Stonecipher has admitted the need for better execution in the Integrated Defense Systems segment, which has become the largest revenue
