CHICAGO, Jan. 15, 2014 /PRNewswire/ -- Boeing (NYSE: BA) executive Mike Cave, president of Boeing Capital Corporation, the company's product financing unit, announced today 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.
"Mike's years of leadership and his breadth and depth of experience have had a significant impact on Boeing and employees across the company," said Greg Smith, Boeing's executive vice president and chief financial officer. "We thank him and wish him the very best in retirement."
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.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 United States 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. "Boeing Capital is an important enabler of our product growth strategy, and Marc is ideally suited to lead the business," said Smith. "Marc positioned Boeing exceptionally well in one of our leading commercial markets over the past three years and brings deep knowledge of the international customer, financing and regulatory environment to Boeing Capital."