Boeing said that Mike Cave, president of Boeing Capital Corporation, the company’s product financing unit, has announced today his retirement as from 1 May. Marc Allen, Boeing China president, will succeed him in the position, effective 14 March.
Cave, who also serves as a Boeing senior vice president (SVP), has led Boeing Capital since January 2010. The unit is responsible for arranging, structuring and providing financing for Boeing’s commercial airplane, defence and space products. Cave, who has been with Boeing for 31 years, previously served as Boeing’s SVP of business development and strategy and held key leadership positions including chief financial officer (CFO) of commercial airplanes and vice president, finance, for Boeing Information, Space & Defense Systems.
In taking the helm of Boeing Capital, Allen 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 US 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.
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 US Supreme Court Justice Anthony 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 SVP, business development and strategy. A successor to Thomas in Australia will be announced shortly.
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