Boeing Names New Chief Financial Officer

Boeing Co. named Michael Sears, head of its military aircraft division, chief financial officer to replace Deborah Hopkins, who resigned two weeks ago to join Lucent Technologies Inc. Sears, 52, joined Boeing in 1997 when it acquired McDonnell Douglas Corp. Boeing also said its No. 2 executive, President and Chief Operating Officer Harry Stonecipher, will remain a year past his scheduled retirement in May 2001. Hopkins, who joined Boeing 16 months ago, elevated the importance of the CFO’s position, analysts and investors said, putting new financial controls in place to help the company rebound from its first annual loss in decades. Sears also is regarded as a strong leader. Under Sears, the military aircraft and missiles division has had the widest profit margin of any Boeing business for the last three years. He’ll be succeeded by Gerald Daniels, who had managed Boeing’s U.S. Navy and Marine Corps programs. Boeing fell $1.25 to close at $38.25 on the New York Stock Exchange.