The aircraft maker Boeing will part ways with its CEO, chairman and head of commercial airplanes as it tries to weather a long-running crisis over its 737 Max jets.
Already a subscriber?Boeing announced sweeping changes to its management on Monday with its chief executive officer, head of commercial airplanes and chairman all stepping down as the companyCEO Dave Calhoun will leave the company at the end of 2024, while chairman Larry Kellner will not stand for re-election, Boeing said in a statement. Stan Deal, who leads Boeing’s commercial airplanes division, will also retire immediately.
Calhoun, a long-time Boeing director and veteran of General Electric and Blackstone, is ending his time as, the US planemaker’s best-selling aircraft. The changes come amid growing customer frustration with Calhoun and Deal as a crisis centring on the planemaker’s manufacturing quality and safety shows no signs of receding nearly three months after a fuselage panel blew out of an airborne 737 Max in January.
A sweeping audit of Boeing and its suppliers by the US Federal Aviation Administration raised concerns about the company’s safety culture, the agency’s top official said last week. Boeing’s shares rose 2 per cent as of 8am Monday before regular trading in New York. The stock had tumbled 28 per cent this year through March 22, the worst performer in the Dow Jones Industrial Average.On Calhoun’s watch, Boeing returned the 737 Max to commercial service in 2020 following a lengthy global grounding in the wake of two accidents in rapid succession.
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