SEATTLE, Dec. 9, 1996 - Phil Condit, 55, president and CEO of The Boeing Company, today was elected chairman of the board, effective February 1, 1997, by the Boeing Board of Directors at its regularly scheduled meeting. Condit's new title will be chairman and chief executive officer.

It also was announced that Boeing Chairman of the Board Frank Shrontz, who will be 65 on December 14, will retire effective January 31, 1997. The board passed a resolution naming Shrontz as chairman emeritus, and he will continue as a member of the board of directors.

The Boeing Board of Directors released the following statement: "Phil Condit is exceptionally qualified to lead Boeing into the next century. He consistently has demonstrated that he has the requisite business skills to be chairman, and he has developed extraordinary insight and expertise in handling the people issues that are so critically important to Boeing.

"We also want to stress our deep appreciation and gratitude to Frank Shrontz for his distinguished leadership of Boeing. Frank's wisdom, foresight and integrity were instrumental in strengthening the leadership position that Boeing has achieved in the aviation and aerospace industries and as a highly respected corporate citizen in our communities."

Condit noted the personal guidance he has received from Shrontz and said, "I look forward to the benefit of Frank's continued counsel to help make this transition as smooth as possible."

Condit has served as president and a member of the board of directors since 1992. He became chief executive officer in April 1996. Shrontz was elected president and a member of the board of directors in 1985. He became chief executive officer in 1986 and chairman of the board in 1988.

Condit is a member of the U.S. National Academy of Engineering; a fellow of the American Institute of Aeronautics and Astronautics; a fellow of the Royal Aeronautical Society; and a member of the Society of Automotive Engineers.

He serves on the advisory council of Princeton University's Department of Mechanical and Aerospace Engineering; and on the Executive Steering Committee of the University of Washington's Graduate School Team Certificate Program on Advanced Materials and Manufacturing.

Condit is a member of the boards of directors of The Fluke Corporation, Nordstrom and A Contemporary Theater (ACT) in Seattle.

Shrontz is a member of The Business Council and serves on the boards of directors of Citicorp, Boise Cascade Corporation, Minnesota Mining and Manufacturing (3M) Company and Chevron Corporation.

He also serves as chairman of the Partnership for Learning; vice chairman of the New American Schools Development Corporation; and is a citizen regent on the Smithsonian Institution's Board of Regents.