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Boeing's headquarters to move from Seattle

SEATTLE (AP) — Boeing Co. plans to move its world headquarters out of Seattle. The aerospace giant is considering sites in Chicago, Denver and Dallas-Fort Worth, it said Wednesday.

At a news conference in Washington, D.C., Boeing Chairman and Chief Executive Officer Phil Condit said the move is part of a transformation to create "value for our shareholders. Simply put, we intend to run Boeing as a business that has the flexibility to move capital and talent to the opportunities that maximize shareholder value," he said.

Boeing, which was founded in Seattle in 1916, also is promoting the leaders of its three operating units to chief executive officers. They are Alan Mulally at Commercial Airplanes in Seattle, Jerry Daniels at Military Aircraft and Missile Systems in St. Louis, and Jim Albaugh at Space and Communications at Seal Beach, Calif.

The headquarters move was prompted by the need "to be in a location central to our operating units, customers and the financial community — but separate from our existing operations," Condit said.

"The role of the new, leaner corporate center will be to seek new growth opportunities around the globe," he said.

Boeing hopes to choose the new corporate site by early summer and have operations functioning there by fall. It expects the new center will have fewer than half the 1,000 employees currently working in Seattle.