Defense and aerospace giant Boeing Co. (BA) Tuesday said its Executive Vice President, Corporate President and Chief Financial Officer James Bell is retiring from the company, effective April 1, 2012.
Greg Smith, currently corporate controller and finance vice president, will assume the roles of executive vice president and CFO effective February 1, 2012.
Diana Sands, vice president of investor relations and financial planning and analysis, has been appointed corporate controller. Bell and Smith will work together over the coming months to ensure a smooth transition, the company said.
Bell joined the company in 1972 when it was Rockwell International as a staff accountant. Boeing acquired Rockwell's aerospace business in 1996. Bell, 63, has been the company's CFO since 2003 and became corporate president in 2008. He served as the company's interim CEO for several months in 2005, immediately preceding the current CEO Jim McNerney.
Prior to his CFO role, Bell served as corporate controller. At the business operating group level, he served as vice president of contracts for Boeing's defense and space businesses, and also worked in business management roles for the International Space Station program.
Commenting on Bell's planned retirement, McNerney, Boeing's Chairman, President and CEO, "James Bell's service to Boeing has been extraordinary in many ways over many years. As CFO he created a world-class finance organization and a culture of continuous improvement. His disciplined approach to financial management ensured our fiscal strength throughout his tenure, and his personal commitment to developing leaders created a strong, diverse team across our finance organization."
Smith, the newly appointed CFO, has over two decades of aerospace industry experience. Prior to being named corporate controller in February 2010, he led the company's financial planning and analysis and internal audit groups. He served as controller of the Boeing Shared Services Group and held several leadership and operational roles in supplier management, factory operations and program management. Smith led investor relations for Raytheon (RTN) from 2004 to 2008.
Sands joined Boeing in 2001 from General Motors (GM) and has led investor relations and financial planning and analysis since February 2010.
BA, which closed lower by 3.5 percent at $65.79 on Monday, is falling 2.4 percent in pre-market activity at $64.20.
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