Beleaguered Boeing Co is putting its future in an industrial veteran who has led...
- Beleaguered Boeing Co is putting its future in an industrial veteran who has led several companies in crisis, began his career at engine maker General Electric Co and has already spent a decade on the board of the world’s largest planemaker.
Calhoun became chairman of the Caterpillar Inc board shortly after federal agents raided its headquarters in March 2017, headed a General Electric division that included airplane engines after the Sept. 11 attacks, and led media research company Nielsen’s effort to go public. He has also been a longtime executive at Blackstone private equity group.
“The second you get into the office til the second you leave, every interaction is judged,” he said in a video published in 2014 by the Jack Welch Management Institute.Yet in his short time as Boeing chairman, Calhoun has showed his ability to work discreetly behind the scenes, as seen by his role in the departure of Kevin McAllister as chief executive of Boeing’s planemaking arm in October. The removal was silent and swift, foreshadowing Muilenburg’s ouster this past weekend.
In a sign that the board was already claiming a new voice under recently appointed chairman Calhoun, having split the CEO and chairman roles, the decisive dinner conversation that led to the shake-up took place without Muilenburg, the people said.McAllister and Muilenburg could not be reached.Now, Calhoun must repair frayed relations with regulators, continue to manage a cash squeeze from the crisis and bring to market the new 777X jet at a time of tough regulatory scrutiny.
“Boeing needs a revamp of its corporate governance. The board should be fired,” he said, adding of Calhoun, “I don’t think he is going to change the culture of Boeing.”FILE PHOTO: Nielsen CEO David Calhoun is congratulated after his company's IPO opened on the floor of the New York Stock Exchange, January 26, 2011. REUTERS/Brendan McDermid
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