DEFINITION of 'Phil Condit'
A former CEO and chairman of Boeing. Condit is best known for leading Boeing to become a world leader in aircraft manufacturing. However, he also oversaw the company's first major loss in decades in 1997 and the layoffs of nearly 50,000 employees over the next four years as the company suffered numerous crises and scandals. Condit resigned in 2003.
BREAKING DOWN 'Phil Condit'
Condit was born in 1941 in Berkeley. He holds a master's degree in aeronautical engineering from Princeton University and a master's degree in management from the Massachusetts Institute of Technology's Sloan School of Management. He also earned a Ph.D. from the Science University of Tokyo.
Condit began his career with Boeing in 1965 as an aerodynamics engineer. He became president of Boeing in 1992, CEO in 1996 and chairman in 1997.