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I would guess it's the following: https://investors.boeing.com/investors/investor-news/press-release-details/2019/Boeing-Announces-Leadership-Changes/default.as

by brohee 7y ago

I would guess it's the following: https://investors.boeing.com/investors/investor-news/press-release-details/2019/Boeing-Announces-Leadership-Changes/default.aspx https://investors.boeing.com/investors/investor-news/press-r... "The Board of Directors decided that a change in leadership was necessary to restore confidence in the Company moving forward as it works to repair relationships with regulators, customers, and all other stakeholders. " is quite brutal indeed, more something I'd expect from commentary.

happytoexplain 7y ago
I can't tell if you're being sarcastic, or if this is actually "brutal" in this context (a context I have no experience with)?
- jacquesm 7y ago
  Given that the normal standard is that 'x' has decided to spend more time with his family and is given a very nice golden parachute (pun definitely not intended nor applicable) this is indeed quite brutal. That doesn't rule out he will get lots of money for severance but it isn't going to come with a smile and a handshake.
  - sokoloff 7y ago
    If you pay me tens of millions of dollars to leave, you’re welcome to frown and talk crap about me all you like as you do it.
    - erikpukinskis 7y ago
      Are you an IC? It’s different for us... we are measured by our ability to get a job done. Management doesn’t get anything “done”. Their job is to faithfully represent the interests of the managers above them. Maintaining good terms with their superiors is their only actual job. Everything else can be going to shit and as long as their superior feels they are faithfully representing their will, then that lower level manager is in good standing. In fact being in an inferno of chaos and still continuing to represent the interests of your superior, over the cries of the ICs, that is truly star-level manager performance. As a side note, this is why managers don’t have employment protections (right to organize, etc). Their job is not to work, but to represent the company. In an important way they are not producing labor. For someone like that, it’s actually crucial to leave on good terms. Especially the closer you get to the billionaire class, the circles get smaller and smaller, and it’s your ability to maintain good feelings with other people in that class that determines your ability to get future work. So, the company can be failing... that’s fine. It’s important to management personnel that they leave with a kind word, because otherwise it meant they stopped doing their one job.
      - sokoloff 7y ago
        I’m in management (ex-IC, though). Prior Boeing CEO’s severance package seemed like ~$12M plus over $3M/yr for life. With that level of severance, I don’t need a good recommendation for my next job as there won’t be one...
      - Waterluvian 7y ago
        The job of a good manager is to balance the needs of the company (represented via their manager) with the needs of their team. When its top-down only, something's unhealthy.
  - Waterluvian 7y ago
    I assume golden parachutes are built into the contract when they begin as the CEO.
    - ben509 7y ago
      "Golden parachute" is just a pejorative for "severance pay." And, it shouldn't be surprising the person hired to be a company's chief negotiator tends to negotiate themselves a good deal.
      - gilrain 7y ago
        That's only technically true. We don't usually think of "severance pay" as being enough to live in luxury, without working, for the rest of your life and provide enough inheritance for your offspring to be significantly privileged. For most of us, severance pay is maybe enough to cover basic living expenses at a lower quality of life for a few months. A difference of that magnitude definitely deserves its own jargon.
        ben509 7y ago
        The point of jargon, though, is that it's not loaded with value judgements. > A difference of that magnitude... This neatly highlights the problem with claiming this is somehow objective: what magnitude, and why? And how is your judgement here objective?
- brohee 7y ago
  Such press releases are usually much more subdued, with the ousted CEO absolutely not replaced by the board but "voluntarily deciding to quit in order to spend more time with his family". It's pretty rare that the press release explicitely says the board ousted the CEO.
  - AnimalMuppet 7y ago
    It's also pretty unusual for the press release to admit that relationships have been damaged and confidence lost.
- regoboss 7y ago
  Compare with Equifax PR, after CEO Richard Smith was ousted because of the scandal: Richard Smith said, "Serving as CEO of Equifax has been an honor, and I'm indebted to the 10,000 Equifax employees who have dedicated their lives to making this a better company. "The cybersecurity incident has affected millions of consumers, and I have been completely dedicated to making this right. At this critical juncture, I believe it is in the best interests of the company to have new leadership to move the company forward," Smith added. "On behalf of the Board, I express my appreciation to Rick for his 12 years of leadership," Feidler said. "Equifax is a substantially stronger company than it was 12 years ago. At this time, however, the Board and Rick agree that a change of leadership is in order." https://investor.equifax.com/news-and-events/news/2017/09-26-2017-140531280 https://investor.equifax.com/news-and-events/news/2017/09-26...
  - regoboss 7y ago
    according to Free Sentiment Analyzer: - Equifax PR - sentiment score: +25.7 - Boeing PR - sentiment score: -100 (!!): "The Board of Directors decided ... to repair relationships with regulators, customers, and all other stakeholders" https://www.danielsoper.com/sentimentanalysis/default.aspx https://www.danielsoper.com/sentimentanalysis/default.aspx
- deleted 7y ago
  [deleted]
- shakna 7y ago
  An admission of responsibility in a CEO stepping down is incredibly rare. Usually it's phrased as if it is only tangentially related to the matter at hand. As if the CEO had already been planning to leave and this was just a convenient moment for it.
everybodyknows 7y ago
Maybe the board deserves equal brutality? But no, its chairman is now made the new CEO ...
- jtc331 7y ago
  The chairman was also recently appointed.
- pcurve 7y ago
  I agree. They should all excuse themselves from the position for dereliction of duty. I question the usefulness of BoD in general, not just that of Boeing. https://www.boeing.com/company/general-info/corporate-governance https://www.boeing.com/company/general-info/corporate-govern.... These are their background. Biotech Private equity Medical device Former chief of staff Energy US ambassador Former airline ceo Us ambassador Insurance head Chief of navy Former us trade rep Health insurance head Advisor to blackstone, GE head

by brohee 7y ago

happytoexplain 7y ago

I can't tell if you're being sarcastic, or if this is actually "brutal" in this context (a context I have no experience with)?

jacquesm 7y ago
Given that the normal standard is that 'x' has decided to spend more time with his family and is given a very nice golden parachute (pun definitely not intended nor applicable) this is indeed quite brutal. That doesn't rule out he will get lots of money for severance but it isn't going to come with a smile and a handshake.
- sokoloff 7y ago
  If you pay me tens of millions of dollars to leave, you’re welcome to frown and talk crap about me all you like as you do it.
  - erikpukinskis 7y ago
    Are you an IC? It’s different for us... we are measured by our ability to get a job done. Management doesn’t get anything “done”. Their job is to faithfully represent the interests of the managers above them. Maintaining good terms with their superiors is their only actual job. Everything else can be going to shit and as long as their superior feels they are faithfully representing their will, then that lower level manager is in good standing. In fact being in an inferno of chaos and still continuing to represent the interests of your superior, over the cries of the ICs, that is truly star-level manager performance. As a side note, this is why managers don’t have employment protections (right to organize, etc). Their job is not to work, but to represent the company. In an important way they are not producing labor. For someone like that, it’s actually crucial to leave on good terms. Especially the closer you get to the billionaire class, the circles get smaller and smaller, and it’s your ability to maintain good feelings with other people in that class that determines your ability to get future work. So, the company can be failing... that’s fine. It’s important to management personnel that they leave with a kind word, because otherwise it meant they stopped doing their one job.
    - sokoloff 7y ago
      I’m in management (ex-IC, though). Prior Boeing CEO’s severance package seemed like ~$12M plus over $3M/yr for life. With that level of severance, I don’t need a good recommendation for my next job as there won’t be one...
    - Waterluvian 7y ago
      The job of a good manager is to balance the needs of the company (represented via their manager) with the needs of their team. When its top-down only, something's unhealthy.
- Waterluvian 7y ago
  I assume golden parachutes are built into the contract when they begin as the CEO.
  - ben509 7y ago
    "Golden parachute" is just a pejorative for "severance pay." And, it shouldn't be surprising the person hired to be a company's chief negotiator tends to negotiate themselves a good deal.
    - gilrain 7y ago
      That's only technically true. We don't usually think of "severance pay" as being enough to live in luxury, without working, for the rest of your life and provide enough inheritance for your offspring to be significantly privileged. For most of us, severance pay is maybe enough to cover basic living expenses at a lower quality of life for a few months. A difference of that magnitude definitely deserves its own jargon.
      - ben509 7y ago
        The point of jargon, though, is that it's not loaded with value judgements. > A difference of that magnitude... This neatly highlights the problem with claiming this is somehow objective: what magnitude, and why? And how is your judgement here objective?
brohee 7y ago
Such press releases are usually much more subdued, with the ousted CEO absolutely not replaced by the board but "voluntarily deciding to quit in order to spend more time with his family". It's pretty rare that the press release explicitely says the board ousted the CEO.
- AnimalMuppet 7y ago
  It's also pretty unusual for the press release to admit that relationships have been damaged and confidence lost.
regoboss 7y ago
Compare with Equifax PR, after CEO Richard Smith was ousted because of the scandal: Richard Smith said, "Serving as CEO of Equifax has been an honor, and I'm indebted to the 10,000 Equifax employees who have dedicated their lives to making this a better company. "The cybersecurity incident has affected millions of consumers, and I have been completely dedicated to making this right. At this critical juncture, I believe it is in the best interests of the company to have new leadership to move the company forward," Smith added. "On behalf of the Board, I express my appreciation to Rick for his 12 years of leadership," Feidler said. "Equifax is a substantially stronger company than it was 12 years ago. At this time, however, the Board and Rick agree that a change of leadership is in order." https://investor.equifax.com/news-and-events/news/2017/09-26-2017-140531280 https://investor.equifax.com/news-and-events/news/2017/09-26...
- regoboss 7y ago
  according to Free Sentiment Analyzer: - Equifax PR - sentiment score: +25.7 - Boeing PR - sentiment score: -100 (!!): "The Board of Directors decided ... to repair relationships with regulators, customers, and all other stakeholders" https://www.danielsoper.com/sentimentanalysis/default.aspx https://www.danielsoper.com/sentimentanalysis/default.aspx
deleted 7y ago
[deleted]
shakna 7y ago
An admission of responsibility in a CEO stepping down is incredibly rare. Usually it's phrased as if it is only tangentially related to the matter at hand. As if the CEO had already been planning to leave and this was just a convenient moment for it.

everybodyknows 7y ago

Maybe the board deserves equal brutality? But no, its chairman is now made the new CEO ...

jtc331 7y ago
The chairman was also recently appointed.
pcurve 7y ago
I agree. They should all excuse themselves from the position for dereliction of duty. I question the usefulness of BoD in general, not just that of Boeing. https://www.boeing.com/company/general-info/corporate-governance https://www.boeing.com/company/general-info/corporate-govern.... These are their background. Biotech Private equity Medical device Former chief of staff Energy US ambassador Former airline ceo Us ambassador Insurance head Chief of navy Former us trade rep Health insurance head Advisor to blackstone, GE head