Boeing CEO to step down this 12 months, board chairman to exit, head of economic airplanes retires

by: AP

Posted: Mar 25, 2024 / 08:32 AM EDT

Up to date: Mar 25, 2024 / 08:36 AM EDT

Boeing CEO Dave Calhoun will step down from the embattled aircraft maker on the finish of the 12 months after a sequence of mishaps at one in all America’s most storied producers.

Board Chair Larry Kellner has additionally informed the corporate he doesn’t plan to face for re-election.

Boeing additionally stated Monday that Stan Deal, president and CEO of its business airplanes unit, will retire from the corporate. Stephanie Pope will now lead the division.

The Federal Aviation Administration has put the corporate below intense scrutiny and just lately ordered an audit of meeting strains at a Boeing manufacturing facility close to Seattle, the place the corporate builds planes just like the Alaska Airways 737 Max that suffered a door-panel blowout on Jan. 5. Investigators say bolts that assist hold the panel in place had been lacking after restore work on the Boeing manufacturing facility. The incident has raised scrutiny of Boeing to its highest degree since two crashes of Boeing 737 Max jets in 2018 and 2019 that killed 346 individuals.

Shares rose greater than 2% earlier than the market open.