after the break we've got the brand new ceo of boeing dennis muilenburg and the outgoing ceo, james mcnerney, joining us on cnbc. aring them first. charge! so why would you invest without checking brokercheck? check your broker with brokercheck. ♪ what if we finally had a backyard? that'd be amazing. ♪ hey, what if we took down this wall? ♪ what if this was my art studio? what if we were pre-approved? ♪ shut up. from finding, to financing. how'd you do that? zillow.

long-time ceo james mcnerney is leaving the company effective july 1st, and c.o.o. -- his c.o.o. sure that's strictly true. i believe he's staying on as chairman. let's get to the "fast" line and to cnbc's phil lebeau who is joined now by both gentlemen. phil, take it away. >> thank you, simon. i am joined by jim mcnerney, who is the current ceo and chairman of boeing who will be leaving and stepping down as ceo effective july 1st. and his successor is the current c.o.o., dennis muilenburg. they're joining us on the "fast" line. and jim, let's start first off with you. why now? why the transition to say it's time to hand over the reins to dennis? >> well i think it's a little bit of a generational shift. in a month or so i'm going to be 66. dennis is 51. this is a very long cycle business where living with your decision decisions is important. doesn't always feel about but it's important. i've had a decade, 14 years if you count my time on the board. i think it's time for dennis who has been working with me over the last couple of years toward this date. we've been thinking this

boeing has named coo to take over as chief executive when james mcnerney retires on july 1. he has been at boeing for 30 years and helps its defense wing boost profits. mcnerney had been ceo for a decade and will stay at boeing into next year to ensure a smooth transition. shares were down. blackberry tumbles after announcing disappointing results. shares plunged more than 4% in new york. the company posted a bigger than expected loss of five points per share. i have shifted their focus from phones to software with handset sales at their lowest in years. >> there are multiple things one have to do. there is not one thing that you can just do. the new designs we said we would release at the end of the year, i think all those things will add up. she militantly, we will get back on track. angie: petro china expects profits to rebound in the second quarter. said profit for the first half of the year would reach about 40 billion yuan. second-quarter earnings at almost $5 billion. way ahead of estimates. cost cutting was behind the rally. they are expected to report second-quarter

dennis millon burke will replace james mcnerney.ll remain as chairman and retire next year. >> they have really changed about how the think about developing products and a product portfolio in a way that lowers risk and approves the longer-term potential of the company. i think for dennis, the real benchmark will be how high can boeing profits go, considering the decisions they have made over the course of the last decade. can they implement the lessons of the boeing 787? had: the company has also to deal with the pullback in u.s. defense spending. the world's largest furniture retailer is raising its minimum wage in the u.s. by 10%. entry-levelw pay workers $11.87 an hour. those are your top stories at this hour. coming up in the next half hour of the bloomberg market day, wall street is in the red today, setjapan's nikkei t has its highest level in 18 years. what is driving the rally in japanese stocks. in the energyt market. solar power and real are gaining and gaining fast. they may one day overtake plants.nal power greece says

berg as ceo effective july 1 he has worked at boeing for 30 years, will succeed 65 years old james mcnerneyreached boing's mandatory retirement age. >> officer saw a 76-year-old man's car stuck in gravel. the officer raced to assist the driver. police move the man to safety just before the suv of destroyed in the collision. no one was hurt. >> up next, i take it the need for something called account billy in federal government, you don't hear that wore associated with our for the government, a sorryious solar storm battling earth. details on what to expect next stay with us. when cigarette cravings hit, all i can think about is getting relief. only nicorette mini has a patented fast-dissolving formula. it starts to relieve sudden cravings fast. i never know when i'll need relief. that's why i only choose nicorette mini. ♪ i built my business with passion. but i keep it growing by making every dollar count. that's why i have the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy for my studio. ♪ and that unlimited 2% cash back from spark means thousands of do

he perceives james mcnerney. the 65-year-old has run the company or a decade.man and retire next year. it wasn't by a flare. top stone the first baseline he grabs the ball holding his seventh-month-old. >> the degree of difficulty. we don't know if it is right-handed or left-handed. he is not just holding the baby he is feeding the baby. >> the bottle does not leave the baby's mouth. that is extraordinary. >> look at them high-fiving. >> if you are listening to the radio absolutely have to find a way to see this on the internet. >> this was made for matt lauer. it is the greatest thing. let's do something for it. go to bloomberg terminal right now. back to world war ii, 1948 and here is the american economy that we know that guy ascii -- that troy gayeski grew up with. but herman says there is no way there is a subdued level of economic growth. what i want to new -- no, troy gayeski, if i look at the macro level it is a single digit world. guest: it is an environment where there is not a lot of low hanging fruit. the economy is making progress but very slow. th