16 January 2014
Boeing (NYSE: BA) executive Mike Cave, president of Boeing Capital Corp., the company´s product financing unit, said 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.
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.