When W. James McNerney Jr. was named Boeing Co. ( BA ) chairman, president, and CEO on June 30, Boeing's shares soared 7%. George Shapiro, aerospace5 analyst for Smith Barney Citigroup ( C ), explains investors' jubilation: "[McNerney] has been the top choice for years, has proven operating skills, [and] an aerospace and defense background." True enough. But Boeing's new pilot faces daunting tasks: restoring the Chicago company's tarnished image, squeezing more profit out of existing businesses, and setting up the $51 billion aerospace goliath for future growth.