Originally created 11/25/03

Business briefs



Boeing fires CFO for his hiring choice

CHICAGO - Boeing Co. fired its chief financial officer Monday for negotiating the hiring of a missile defense expert while she worked for the U.S. government and was in a position to influence Boeing contracts.

The former Air Force official, Darleen Druyun, also was fired - 10 months after she was hired as vice president and deputy general manager of Boeing's Missile Defense Systems business.

Finance chief Mike Sears, a 33-year company veteran, had been considered a candidate to succeed chairman and CEO Phil Condit.

Both executives tried to cover up their misconduct, which is being investigated by the government, Boeing said.

Examiner says former Enron leaders to blame

HOUSTON - Enron Corp.'s former top two executives, and former directors, accountants and attorneys are in "a circle of responsibility for Enron's financial demise" whether or not they are legally culpable, the bankruptcy court-appointed examiner concluded.

In the report made public Monday, Neal Batson said sufficient evidence exists to prove that former Enron chairman Kenneth Lay and former chief executive Jeffrey Skilling failed to adequately oversee Enron's use of financing methods to hide debt and inflate profits, which ultimately led to the company's collapse.

Warner music finds a buyer in Universal

LOS ANGELES - A partnership led by former Universal Music chief Edgar Bronfman Jr. has agreed to buy Warner Music Group for $2.6 billion cash, creating one of the world's largest independent music companies.

The announcement Monday came just hours after EMI Group PLC said it had withdrawn its offer to purchase Warner Music, a unit of the giant media conglomerate Time Warner Inc.

Under terms of the deal, Time Warner would retain an option to buy back a minority stake in the company, which is home to artists including Madonna, R.E.M and the Red Hot Chili Peppers.

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