No. of Recommendations: 4
When the stock took a dive under Immelt
McNerney timed his retirement well too. He retired as CEO on July 1, 2015, and retired as Chairman on March 1, 2016.
Lion Air Flight JT610 crashed on October 29, 2018. The second 73 Max crash was on March 10, 2019. Those crashes exposed the culture of shoddy engineering and sloppy construction that McNerney had created. Meanwhile, he had spent all the company's capital buying back stock, leaving the company with Billions of negative equity. Boeing has been behind the 8 ball ever since, and the stock is still well below it's 2018-19 highs. I sold in 2017, when I noticed that McNerney had, effectively liquidated the company, to line his pockets. so I missed the collapse.
Steve
