Posted: Mon, Mar 7, 2005, 7:35 PM ET (0035 GMT)
The Boeing Company announced Monday morning that it had fired its CEO and president, Harry Stonecipher, after the company discovered he was having an affair with another company official. Stonecipher tendered his resignation from his positions, as well as his post on Boeing's board of directors, upon request from the board. Company officials found that the 68-year-old Stonecipher had "a personal relationship" with "a female executive of the company who did not report directly to him." Stonecipher will be replaced on an interim basis by CFO James Bell, with board chairman Lew Platt taking on an "expanded role" as non-executive chairman. The resignation is the latest embarrassment for the company, which just Friday had appeared to put one of its problems behind it when the Air Force lifted a contracting suspension against Boeing's launch unit. Stonecipher became president and CEO of Boeing in December 2003, taking over for Phil Condit, who left the company after being linked to other ethical lapses at the company.

Related Links:

•  AP article
•  Washington Post article
•  New York Times article
•  Wall Street Journal article (subscription required)
•  Boeing press release