CHICAGO (AP) -- Boeing Co. said Friday it promoted Andrew Ward to serve as its new chief investment officer.
Ward, 38, will oversee $65 billion in retirement assets for about 550,000 beneficiaries, the plane maker said in a release. The appointment is effective immediately.
Ward succeeds Mark Schmid, who left to become chief investment officer at the University of Chicago.
Ward, who has been with the company since 2002, was most recently Boeing's managing director of investment strategy and asset allocation. The company said it hasn't yet named a replacement.
Boeing shares rose $1.25, or 2.3 percent, to $46.78 in afternoon trading.