A President and CEO Gives His Resignation

Chicago-based Boeing says its board has forced out President and Chief Executive Officer Harry Stonecipher. This move stems from a relationship he had with a female executive.

Boeing says an internal investigation revealed a "consensual" relationship between Stonecipher and the female executive. But that violates the company's Code of Conduct. Stonecipher, served as the Chairman of Rockford’s largest manufacturing employer, Hamilton Sundstrand in the early 1990s.

Stonecipher left Rockford in 1994 to take the Chief Executive job at McDonnell Douglas, which Boeing acquired in 1997.

Boeing in a news release Monday morning says Stonecipher's actions "would impair his ability to lead the company." but Boeing says the relationship had no effect on the company's business operations.