Boeing Capital President Mike Cave To Retire; Marc Allen Named Successor

(RTTNews) - Boeing Co. (BA) said Wednesday that Mike Cave, president of Boeing Capital Corp., the company's product financing unit, 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.

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 Boeing CFO Greg Smith.

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.

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.