Boeing CEO, Other Executives Stepping Down Amid Safety Crisis

Boeing CEO, Other Executives Stepping Down Amid Safety Crisis

Boeing CEO Dave Calhoun has announced his decision to step down at the end of 2024 as part of a broader management restructuring at the aerospace giant.

Larry Kellner, chairman of the board, is also resigning and will not seek reelection at Boeing’s annual meeting in May. He will be succeeded as chair by Steve Mollenkopf, a Boeing director since 2020 and former CEO of Qualcomm. Mollenkopf will lead the board in selecting a new CEO, Boeing stated.

Additionally, Stan Deal, president and CEO of Boeing Commercial Airplanes, is leaving the company effective immediately. Stephanie Pope, who recently assumed the role of Boeing’s chief operating officer and previously led Boeing Global Services, will take over Deal's responsibilities.

These changes come amidst increasing pressure from airlines and regulators for significant reforms at Boeing following a series of quality and manufacturing issues with Boeing planes. Scrutiny intensified after a January 5th incident involving a Boeing 737 Max on an Alaska Airlines flight.

Calhoun addressed employees, stating, “The eyes of the world are on us, and I know we will come through this moment a better company, building on all the learnings we accumulated as we worked together to rebuild Boeing over the last number of years.”

In an interview with CNBC, Calhoun emphasized that his decision to resign was entirely his own, acknowledging the challenges ahead and the need for action and changes within the company.

Calhoun took over as CEO in early 2020 after the departure of former chief executive Dennis Muilenburg due to his handling of the aftermath of two deadly 737 Max crashes.

Boeing has faced delays in deliveries of new planes and growth setbacks due to production issues, prompting concerns from major airline customers. United Airlines CEO Scott Kirby recently urged Boeing to halt production of yet-to-be-certified Max 10 planes until FAA clearance is obtained.

Boeing’s stock saw a modest increase following Calhoun’s announcement, although it remains down 26% for the year.

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