Business

January 15, 2014

Boeing Capital’s Cave to retire; Allen named president, to realign unit to Boeing Corporate Treasury

Boeing executive Mike Cave, president of Boeing Capital Corporation, the company’s product financing unit, announced Jan. 15 that he will retire on May 1.

Marc Allen, Boeing China president, will replace Cave, effective March 14.

Cave, 53, who also serves as a Boeing senior vice president, has led Boeing Capital since January 2010. The unit is responsible for arranging, structuring and providing financing for Boeing’s commercial airplane, defense and space products. Cave, a 31-year Boeing veteran, previously served as Boeing’s senior vice president of Business Development & Strategy and held key leadership positions including chief financial officer of Commercial Airplanes and vice president, Finance, for Boeing Information, Space & Defense Systems.

“Mike’s years of leadership and his breadth and depth of experience have had a significant impact on Boeing and employees across the company,” said Greg Smith, Boeing’s executive vice president and chief financial officer. “We thank him and wish him the very best in retirement.”

In taking the helm of Boeing Capital, Allen, 40, will relocate from Beijing to Boeing Capital’s Seattle-area headquarters and realign the unit under Boeing Corporate Treasury. Corporate Treasurer Dave Dohnalek will take on the additional role of Boeing Capital Board chairman, and Allen will join the Boeing Finance leadership team led by Smith.

The changes will tighten the alignment of Boeing Capital’s business and financial operations with Boeing Corporate Treasury and enhance the unit’s functional mission of supporting customers and managing financial risks.

Allen has led Boeing China since March 2011, overseeing the company’s largest market outside the United States as the company’s annual delivery pace to China has nearly doubled. Prior to leading Boeing China, Allen served as vice president of Global Law Affairs and general counsel to Boeing International, leading the company’s international legal practice group from inception in 2007.

“Boeing Capital is an important enabler of our product growth strategy, and Marc is ideally suited to lead the business,” said Smith. “Marc positioned Boeing exceptionally well in one of our leading commercial markets over the past three years and brings deep knowledge of the international customer, financing and regulatory environment to Boeing Capital.”

Before Boeing, Allen practiced law with the Washington, DC, firm of Kellogg Huber, litigating complex commercial matters for a range of domestic and international clients. Allen’s previous government service includes an appointment as U.S. Supreme Court Justice Anthony M. Kennedy’s law clerk. His prior business roles include serving as a vice president of Professional Team Physicians, a national sports medicine marketing firm based in New York, and as a senior associate of The Parthenon Group, a Boston-based strategy consulting firm.

Allen will be succeeded as Boeing China president by Ian Thomas, who has served as president of Boeing Australia and South Pacific for the past five years. Thomas will lead Boeing’s business in China from the Boeing China headquarters in Beijing and will continue to report to Shep Hill, president, Boeing International, and senior vice president, Business Development & Strategy. A successor to Thomas in Australia will be announced shortly.




All of this week's top headlines to your email every Friday.


 
 

 

Northrop Grumman awarded mission support services contract

The U.S. Army awarded Northrop Grumman a cost-plus-fixed-fee contract, with a potential value of $205 million, to continue providing mission logistics services in support of combat brigades training at the National Training Center in Fort Irwin, Calif. The contract covers one base year and two one-year options. Support will include the full range of mission...
 
 

Lockheed Martin completes operational flight tests of GMLRS alternative warhead

DALLAS, July 28, 2014 /PRNewswire/ –†Lockheed Martin has successfully completed all Developmental Test/Operational Test flight tests for the new Guided Multiple Launch Rocket System Alternative Warhead at White Sands Missile Range, N.M. The DT/OT tests included rockets fired at both mid and long range. All rockets were fired from a High Mobility Artillery Rocket System...
 
 
lm-kmax

Lockheed Martin’s unmanned cargo helicopter team returns from deployment

After lifting more than 4.5 million pounds of cargo and conducting thousands of delivery missions for the U.S. Marine Corps, the Lockheed Martin and Kaman Aerospace Corporation K-MAX cargo unmanned aircraft system has returned ...
 

 

SPEEA files age discrimination charge against Boeing

After months of investigation, the Society of Professional Engineering Employees in Aerospace, IFPTE Local 2001, charged Boeing with age discrimination. Acting on behalf of SPEEA-represented engineers, the union filed the third-party charges July 23 with the Equal Employment Opportunity Commission and the Washington State Human Rights Commission. The evidence is overwhelming that Boeing hatched...
 
 

Commercial jets push Boeing profits up 52 percent

Increased production of passenger jets helped push up Boeing’s profit by 52 percent in the second quarter, topping Wall Street’s expectations. The Chicago-based company said net income increased to $1.65 billion, or $2.24 per share, from $1.09 billion, or $1.41 per share, in the same quarter a year ago. Earnings, adjusted for non-recurring costs, came...
 
 

Comprehensive MEADS network tests demonstrate unmatched plug-and-fight missile defense capabilities

The Medium Extended Air Defense System recently completed a comprehensive system demonstration at Pratica di Mare Air Base near Rome, Italy. The two-week test demonstration included significant first-time events that were observed by several national delegations. “The outstanding result is that we have demonstrated the full range of advanced network capabilities that only MEADS can...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>