The Loan Arranger rides again

After being ambushed, the legendary Lone Ranger, a crime fighter, didn't just recover; he came back—more capable and focused on a mission. So did Boeing Capital Corporation: In late 2003, with its business still affected by the Sept. 11, 2001, terrorist attacks, BCC reshaped itself and took on a new mission as a sort of "loan arranger" for Boeing businesses. Its new focus was to support Boeing's business units by developing customer financial solutions to help capture new business. At the same time, BCC focused on using third-party financing, reducing portfolio exposures and performing well financially.

In meeting these new objectives, 2004 was a banner year for Boeing Capital, said Walt Skowronski, who became president of BCC in late 2003. First BCC realigned its portfolio. In May 2004, BCC sold its $2 billion Commercial Financial Services business—which provided financing for commercial assets such as business aircraft, marine vessels and construction equipment—so it could concentrate on supporting only Boeing products. Its $10 billion portfolio includes about 500 aircraft.

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Finance focuses on developing people

A cross-company team from various disciplines such as accounting, contracts, financial planning and budgeting is spearheading an effort to create an employee-development curriculum that will prepare Boeing's Finance professionals for tomorrow's challenges.

The Finance Integrated People Development initiative unites previously separate efforts by individual business units to determine what skills, processes, tools and training will be needed five to 10 years from now to address new business models, a complex regulatory environment and changing global workforce demographics. Whether it's learning to lead in nontraditional organizations such as international joint ventures or adapting to new technologies, Boeing Finance professionals of the future "must possess a breadth of skills and diversity of experiences," said James Bell, Boeing chief financial officer.