Walter James "Jim" McNerney Jr. (born August 22, 1949 in Providence, Rhode Island) is a business executive who was chairman of The Boeing Company until March 1, 2016. He previously served as President and CEO of the company until July 2015.
McNerney graduated from New Trier High School in Winnetka, Illinois in 1967. He attended Yale University, receiving a B.A. degree in 1971. While at Yale, he was a member of Delta Kappa Epsilon Fraternity. 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, LLC, then attended Harvard Business School, receiving a Master of Business Administration in 1975.
McNerney began his business career at Procter & Gamble 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 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 June 30, 2005 The Boeing Company hired McNerney as the 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 airliners and military aircraft, with capabilities in aircraft, rotorcraft, electronic and defense systems, missiles, satellites and advanced information and communications systems.
In 2007, as CEO of Boeing, W. James McNerney Jr. made $12,904,478 in total compensation, 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.
In 2008, his total compensation 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 total compensation decreased to $13,705,435, which included a base salary of $1,930,000, a cash bonus of $4,500,300, stock options granted of $3,136,251, stock granted of $3,136,242, and other compensation totaling $1,002,642.
In 2013, McNerney made $23.2 million in total compensation, which included a $1.9 million salary, $3.7 million stock award, $3.7 million stock option grant, and an annual incentive bonus of $12.8 million.
In 2014, as Chairman and CEO of Boeing, McNerney made $29 million in total compensation. Of the total: $2,004,231 was received as a salary; $14,400,000 was received as an annual bonus and a 3-year performance bonus; $6,272,517 was awarded as stock (none was received in stock options); and other compensation totaling $760,000.
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 and IBM. He served as Chairman of The Business Council in 2007 and 2008. He is a current member of the Northwestern University Board of Trustees, is a Trustee at the Center for Strategic and International Studies and has been named Chairman of the President's Export Council by President Barack Obama.
- Career path
|1975–1978||Procter & Gamble||Brand Manager|
|1978–1982||McKinsey & Company||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|
|1997–2000||GE Aircraft Engines||President and CEO|
|2000–2005||3M||President and CEO|
|2005–2015||The Boeing Company||Chairman, President and CEO|