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  HOME | Business & Economy (Click here for more)

Boeing Names New CEO to Lead Crisis-Ridden Company

NEW YORK – Boeing has appointed a new CEO to take the helm of the aeronautical giant amid a years-long crisis.

Boeing announced the resignation of CEO Dennis Muilenburg, who will be replaced on Jan. 13 by current president David L. Calhoun.

“The board of directors decided that a change in leadership was necessary to restore confidence in the company moving forward as it works to repair relationships with regulators, customers, and all other stakeholders,” Boeing said in a statement.

In the statement, Boeing said Muilenburg had resigned from his positions as CEO and director of the board with immediate effect.

Boeing chief financial officer Greg Smith will serve as interim CEO for the brief transition period until Calhoun assumes office in January.

Calhoun will continue to be a board member, while Lawrence W. Kellner, also on the board, will become a non-executive president with immediate effect.

“I strongly believe in the future of Boeing and the 737 MAX,” Calhoun said in a statement.

“I am honored to lead this great company and the 150,000 dedicated employees who are working hard to create the future of aviation,” the new CEO added.

“Dave has deep industry experience and a proven track record of strong leadership, and he recognizes the challenges we must confront,” Kellner said of his colleague in a statement.

“The Board and I look forward to working with him and the rest of the Boeing team to ensure that today marks a new way forward for our company,” he added.

The Chicago company made the announcement before trading opened in Wall Street.

The firm has been struggling to regain the trust of regulators, customers and the public after two fatal accidents in Indonesia and Ethiopia of its best-selling plane, the 737 Max, in which 346 people died.

The narrow-body aircraft which is the fourth generation of the Boeing 737 has not yet been approved by regulators to provide a service.

When opening the New York Stock Exchange, investors welcomed the restructuring of the company which headed the Dow Jones index with an increase of about 3.5 percent 30 minutes after markets opened.

“Under the company’s new leadership, Boeing will operate with a renewed commitment to full transparency, including effective and proactive communication with the FAA, other global regulators and its customers,” the company said.

 

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