James McNerney
Encyclopedia
W. James McNerney, Jr, (born 22 August 1949 in Providence, Rhode Island
) is an American business executive. He is the current CEO of Boeing
Company.
in 1967. He attended Yale University
, receiving a B.A. degree in 1971. At Yale he excelled in baseball and hockey. After graduating from Yale he worked for a year at both British United Provident and G. D. Searle & Company
, then attended Harvard Business School
, receiving a Master of Business Administration
in 1975.
in 1975, working in brand management. He worked as a management consultant at McKinsey from 1978 to 1982.
McNerney joined General Electric
in 1982. There, he held top executive positions including president and CEO of GE Aircraft Engines and GE Lighting; president of GE Asia-Pacific; president and CEO of GE Electrical Distribution and Control; executive vice president of GE Capital, one of the world's largest financial service companies; and president of GE Information Services. McNerney competed with Bob Nardelli and Jeff Immelt to succeed the retiring Jack Welch
as chairman and CEO of General Electric. When Immelt won the three-way succession race, McNerney and Nardelli left GE (as was Welch's plan); McNerney was hired by 3M
in 2001.
From 2001 to 2005, McNerney held the position as chairman of the board and CEO of 3M
, a $20 billion global technology company with leading positions in electronics, telecommunications, industrial, consumer and office products, health care, safety and other businesses.
On 30 June 2005 The Boeing Company
hired McNerney as its Chairman, President and CEO.
McNerney oversees the strategic direction of the Chicago
-based, $61.5 billion aerospace
company. With more than 160,500 employees, Boeing is the largest manufacturer of commercial jetliners and military aircraft, with capabilities in rotorcraft, electronic and defense systems, missiles, satellites and advanced information and communications systems.
While CEO of Boeing in 2007, W. James McNerney Jr. earned a total compensation of $12,904,478, which included a base salary of $1,800,077, a cash bonus of $4,266,500, options granted of $5,871,650, and Other $966,251. His total compensation in 2008 increased to $14,765,410, which included a base salary of $1,915,288, a cash bonus of $6,089,625, and options granted of $5,914,440. In 2009, his compensation decreased to $13,705,435, which included a base salary of $1,930,000, a cash bonus of $4,500,300, options granted of $3,136,251, stock granted of $3,136,242, and other compensation totaling $1,002,642.
McNerney had been a member of the Boeing board of directors since 2001. He is also a member of the board of directors
of Procter & Gamble
. McNerney is a current member of the Northwestern University
Board of Trustees and has been named Chairman of the President's Export Council by President Barack Obama
.
Providence, Rhode Island
Providence is the capital and most populous city of Rhode Island and was one of the first cities established in the United States. Located in Providence County, it is the third largest city in the New England region...
) is an American business executive. He is the current CEO of Boeing
Boeing
The Boeing Company is an American multinational aerospace and defense corporation, founded in 1916 by William E. Boeing in Seattle, Washington. Boeing has expanded over the years, merging with McDonnell Douglas in 1997. Boeing Corporate headquarters has been in Chicago, Illinois since 2001...
Company.
Education
McNerney graduated from New Trier High SchoolNew Trier High School
New Trier High School is a public four-year high school , with its major campus located in Winnetka, Illinois, USA, and a second campus in Northfield, Illinois, with freshman classes and district administration...
in 1967. He attended Yale University
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...
, receiving a B.A. degree in 1971. At Yale he excelled in baseball and hockey. After graduating from Yale he worked for a year at both British United Provident and G. D. Searle & Company
G. D. Searle & Company
G.D. Searle & Company or just Searle was a company focusing on life sciences, specifically pharmaceuticals, agriculture, and animal health. It is now part of Pfizer.- History :...
, then attended Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
, receiving a Master of Business Administration
Master of Business Administration
The Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
in 1975.
Career
McNerney began his business career at Procter & GambleProcter & Gamble
Procter & Gamble is a Fortune 500 American multinational corporation headquartered in downtown Cincinnati, Ohio and manufactures a wide range of consumer goods....
in 1975, working in brand management. He worked as a management consultant at McKinsey from 1978 to 1982.
McNerney joined General Electric
General Electric
General Electric Company , or GE, is an American multinational conglomerate corporation incorporated in Schenectady, New York and headquartered in Fairfield, Connecticut, United States...
in 1982. There, he held top executive positions including president and CEO of GE Aircraft Engines and GE Lighting; president of GE Asia-Pacific; president and CEO of GE Electrical Distribution and Control; executive vice president of GE Capital, one of the world's largest financial service companies; and president of GE Information Services. McNerney competed with Bob Nardelli and Jeff Immelt to succeed the retiring Jack Welch
Jack Welch
John Francis "Jack" Welch, Jr. is an American chemical engineer, business executive, and author. He was Chairman and CEO of General Electric between 1981 and 2001...
as chairman and CEO of General Electric. When Immelt won the three-way succession race, McNerney and Nardelli left GE (as was Welch's plan); McNerney was hired by 3M
3M
3M Company , formerly known as the Minnesota Mining and Manufacturing Company, is an American multinational conglomerate corporation based in Maplewood, Minnesota, United States....
in 2001.
From 2001 to 2005, McNerney held the position as chairman of the board and CEO of 3M
3M
3M Company , formerly known as the Minnesota Mining and Manufacturing Company, is an American multinational conglomerate corporation based in Maplewood, Minnesota, United States....
, a $20 billion global technology company with leading positions in electronics, telecommunications, industrial, consumer and office products, health care, safety and other businesses.
On 30 June 2005 The Boeing Company
Boeing
The Boeing Company is an American multinational aerospace and defense corporation, founded in 1916 by William E. Boeing in Seattle, Washington. Boeing has expanded over the years, merging with McDonnell Douglas in 1997. Boeing Corporate headquarters has been in Chicago, Illinois since 2001...
hired McNerney as its Chairman, President and CEO.
McNerney oversees the strategic direction of the Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
-based, $61.5 billion aerospace
Aerospace
Aerospace comprises the atmosphere of Earth and surrounding space. Typically the term is used to refer to the industry that researches, designs, manufactures, operates, and maintains vehicles moving through air and space...
company. With more than 160,500 employees, Boeing is the largest manufacturer of commercial jetliners and military aircraft, with capabilities in rotorcraft, electronic and defense systems, missiles, satellites and advanced information and communications systems.
While CEO of Boeing in 2007, W. James McNerney Jr. earned a total compensation of $12,904,478, which included a base salary of $1,800,077, a cash bonus of $4,266,500, options granted of $5,871,650, and Other $966,251. His total compensation in 2008 increased to $14,765,410, which included a base salary of $1,915,288, a cash bonus of $6,089,625, and options granted of $5,914,440. In 2009, his compensation decreased to $13,705,435, which included a base salary of $1,930,000, a cash bonus of $4,500,300, options granted of $3,136,251, stock granted of $3,136,242, and other compensation totaling $1,002,642.
McNerney had been a member of the Boeing board of directors since 2001. He is also a member of the board of directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
of Procter & Gamble
Procter & Gamble
Procter & Gamble is a Fortune 500 American multinational corporation headquartered in downtown Cincinnati, Ohio and manufactures a wide range of consumer goods....
. McNerney is a current member of the Northwestern University
Northwestern University
Northwestern University is a private research university in Evanston and Chicago, Illinois, USA. Northwestern has eleven undergraduate, graduate, and professional schools offering 124 undergraduate degrees and 145 graduate and professional degrees....
Board of Trustees and has been named Chairman of the President's Export Council by President Barack Obama
Barack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...
.
Career path
| Job Tenure | Company | Position |
|---|---|---|
| 1975 – 1978 | Procter & Gamble | Brand Manager |
| 1978 – 1982 | McKinsey & Company McKinsey & Company McKinsey & Company, Inc. is a global management consulting firm that focuses on solving issues of concern to senior management. McKinsey serves as an adviser to many businesses, governments, and institutions... |
Senior Manager |
| 1982 – 1988 | GE Mobile Communications | General Manager |
| 1988 – 1989 | GE Information Services | President |
| 1989 – 1991 | GE Financial Services and GE Capital | Executive Vice President |
| 1991 – 1992 | GE Electrical Distribution and Control | President and CEO |
| 1993 – 1995 | GE Asia-Pacific | President |
| 1995 – 1997 | GE Lighting | President |
| 1997 – 2000 | GE Aircraft Engines | President and CEO |
| 2000 – 2005 | 3M | President and CEO |
| 2005 - Now | The Boeing Company | Chairman, President and CEO |