SAN FRANCISCO (MarketWatch) -- With an outsider moving into the top spot at Boeing, analysts caution that the new boss needs to make sure the managers of the company's defense and commercial divisions don't head for the door in a huff.

A departure of either James Albaugh, in charge of Boeing's integrated defense systems group, or Alan Mulally at the commercial airplanes unit would mean losing decades of experience at the world's largest aerospace company, as well as the executives' extensive relationships in their respective industries.

What's more, both are working on key contracts that will shape Boeing's financial future.

W. James McNerney Jr., who's leaving 3M Co. MMM, -1.29% to take the helm at Boeing BA, -1.84% , addressed the issue during a conference call Thursday when asked by an analyst about Albaugh and Mulally's future.

McNerney said he'd spoken with the two and noted that they must have been disappointed at not being picked for the top job. Nevertheless, he said they offered "enthusiastic support" for his appointment.

"So, I think we are going to work together well and productively," he added.

All three executives know each other, crossing paths frequently during their decades in the aerospace industry. McNerney is also a member of Boeing's board of directors.

Among giants

Running a division at an industrial giant like Boeing gives an executive responsibility for tens of thousands of workers and a business with more sales than most stand-alone companies.

Albaugh and Mulally each run divisions that generated more revenue last year than 3M's total $20 billion in 2004 sales. Albaugh's integrated defense systems group had sales of $30.5 billion in 2004, while Mulally's commercial airplanes division had sales of $21 billion.

Just as McNerney himself was in the running to take over General Electric Co. GE, -1.85% before he left for 3M, is the situation similar at Boeing?

Not so, said Boeing spokesman Tim Neale. He indicated that Mulally is in the middle of launching the 787 Dreamliner, Boeing's first new plane in more than a decade. And Albaugh is shifting the company's defense group from a focus on military hardware sales to taking on larger responsibility bringing together different technologies for the Pentagon.

The Future Combat Systems contract with the U.S. Army gives Boeing unprecedented responsibility for different programs that will be all technologically tied together.

"In both cases, there are exciting new programs they are in the midst of," added Neale.

In an interview with the Seattle Times after McNerney's announcement, Mulally said he is plans to stay at Boeing.

Also, in messages to workers, both Mulally and Albaugh praised their new box and his selection as Boeing's next chief.

Wall Street wonders

In April, McNerney, 55, issued a public statement that said he was not leaving 3M for Boeing. Yet he eventually changed his mind and surprised Wall Street with his decision this week.

Analysts who lauded his appointment are still wondering what Mulally or Albaugh will do.

"One unknown stemming from this announcement is the future of the two division heads ... who were in the running for the CEO job," wrote Prudential Equity Group analyst Jared Muroff.

Just as the Boeing board kept the chief executive selection process under wraps until the very end, it could be expected that any executive looking to jump would be just as discreet.

"Obviously, they're not going to telegraph they're about to leave," said Paul Nisbet, analyst at JSA Research.

Nisbet said that Albaugh -- who is 55 and has been with Boeing since 1975 -- might be more likely to leave than Mulally, who turns 60 this year and joined Boeing in 1969. But the departure of either manager would be a big deal.

"I hope that for Boeing's stake that they decide to stay," added Nisbet.

The company could always reach into its wallet if it felt like that was necessary. But so far, Boeing has not done so.

Interim Chairman Lewis Platt said during Thursday's conference call that the company had not offered any retention packages to either Albaugh or Mulally.

"We have both, Jim [McNerney] and I, have talked to them at some length, and they all seemed to be quite committed to staying with the company and supporting Jim," Platt added. "So that does not seem to be necessary at this moment."