
Washington University Board of Trustees member Michael Sears was fired last week from his post as Chief Financial Officer of Boeing for unethical conduct. Sears’ position on the Board of Trustees remains unchanged for now.
According to Boeing, Sears engaged in improper conversations with then-U.S. Air Force official Darleen Druyun over a $20 billion contract to produce 767 refueling tanker jets for the Air Force. Druyun allegedly provided Sears with details of a lower bid from European competitor Airbus, while Sears discussed hiring Mrs. Druyun as a Boeing executive.
Sears has denied any wrongdoing, saying that he was “deeply disappointed” in the actions his company took.
“At no time did I engage in conduct which I believed to be in violation of any company policy,” said Sears in a statement issued through his lawyers.
The University trustees, who held the second of their four annual meetings this past Friday, did not discuss Sears’ situation. Sears was not present at the meeting and was unavailable for comment.
“[Sears’] situation at Boeing doesn’t automatically have any affect on his membership as a board member here,” said Chancellor Mark Wrighton.
Wrighton added that the Board is responsive, however, to problems that may arise.
“It’s becoming increasingly clear in recent years,” the Chancellor added, “that when people’s circumstances change it is appropriate to [re]consider their board association.”
Wrighton explained that if Sears was asked to resign his post it would come upon recommendation of the board nominating committee, which reviews board member performance on the basis of attendance, participation and involvement with the University. The next meeting of this committee is scheduled for March 4, 2004.
In addition to serving on the board, Sears serves on the boards of the National Merit Scholarship Corporation, Children’s Memorial Hospital in Chicago, the Private Sector Council, World Business Chicago and Chicago’s Field Museum. Sears is also the National Director of the March of Dimes.
Since Sears was fired, Boeing Chairman Phil Condit has resigned. U.S. Senators John McCain of Arizona and Peter Fitzgerald of Illinois have also asked Secretary of Defense Donald Rumsfield to reconsider the contract awarded to Boeing.