Phil Condit

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.

Investopedia explains '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.


Filed Under:

comments powered by Disqus
Hot Definitions
  1. Market Capitalization

    The total dollar market value of all of a company's outstanding shares. Market capitalization is calculated by multiplying a company's shares outstanding by the current market price of one share. The investment community uses this figure to determine a company's size, as opposed to sales or total asset figures.
  2. Oil Reserves

    An estimate of the amount of crude oil located in a particular economic region. Oil reserves must have the potential of being extracted under current technological constraints. For example, if oil pools are located at unattainable depths, they would not be considered part of the nation's reserves.
  3. Joint Venture - JV

    A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. In a joint venture (JV), each of the participants is responsible for profits, losses and costs associated with it.
  4. Aggregate Risk

    The exposure of a bank, financial institution, or any type of major investor to foreign exchange contracts - both spot and forward - from a single counterparty or client. Aggregate risk in forex may also be defined as the total exposure of an entity to changes or fluctuations in currency rates.
  5. Organic Growth

    The growth rate that a company can achieve by increasing output and enhancing sales. This excludes any profits or growth acquired from takeovers, acquisitions or mergers. Takeovers, acquisitions and mergers do not bring about profits generated within the company, and are therefore not considered organic.
  6. Family Limited Partnership - FLP

    A type of partnership designed to centralize family business or investment accounts. FLPs pool together a family's assets into one single family-owned business partnership that family members own shares of. FLPs are frequently used as an estate tax minimization strategy, as shares in the FLP can be transferred between generations, at lower taxation rates than would be applied to the partnership's holdings.
Trading Center