W. James McNerney, Jr. AGE: 59 EDUCATION: B.A. from Yale University and M.B.A. from Harvard University CAREER: Began in 1975 in brand management at Procter & Gamble Held a variety of senior management posts at General Electric, including president of aircraft engines unit Became chairman and CEO of 3M in 2001 Tapped for Boeing’s top job in June 2005. Oversees more than 160,000 employees.

W. James McNerney, Jr. TITLE: Chairman, President and CEO, Boeing Co. AGE: 58 EDUCATION: B.A. from Yale University and M.B.A. from Harvard University EXPERIENCE: Began his career in 1975 in brand management at Procter & Gamble. Joined General Electric in 1982 and held a variety of senior management posts, including president and CEO of GE Aircraft Engines. Became chairman and CEO of 3M in 2001. Tapped for Boeing’s top job in June 2005.

Europe won, Boeing lost. Of course, politicians, labor unions, defense analysts, media stars and aerospace supply-chain leaders will argue for years about the impact of the KC-45A award. Not only in the U.S. but also in Europe. Everyone seems to be disappointed except for the Northrop Grumman/EADS team’s top executives. Moreover, they all are seriously overreacting, in an indication that they still don’t understand the true meaning of one magic word, globalization.

Airbus has managed to give its A380 mega-transport the performance and flight characteristics of a much smaller aircraft, both in the air and on the ground.

Five years ago, Americans' sense that terrorism was a distant problem was shattered. In one horrific day, they realized they could become victims of this grotesque aberration of political expression just as easily as populations anywhere else. So it is appropriate to reflect on the progress the U.S. has made since 9/11 to protect its borders and citizens.

Aviation Week & Space Technology: Boeing has regained its competitive advantage on Airbus in a remarkably short period of time. What is the likelihood that this reversal of fortunes could foster creeping complacency, or a resurgence in arrogance that caused Boeing to underestimate Airbus a decade ago?

BAE Systems' decision to divest its 20% stake in Airbus is not good news for the European aerospace industry's future and cohesion. Moreover, it raises doubts about the British group's long-term goals. Will it remain a European player, or will it evolve into a Farnborough-based U.S. company?

For good reason, the public has become cynical about CEOs. Many appear to see themselves principally as members of an executive elite--an increasingly mobile club whose members measure their pay and privileges against those of other CEOs. In the aerospace industry, Boeing's travails in the executive suite have served only to deepen this cynicism, with some executives pontificating about one set of standards of behavior while following another.