This archive report was first published on 23 December 2019.
December 23, 2019
Boeing has taken a significant step to restore its reputation by replacing its embattled CEO, Dennis Muilenburg, with David Calhoun, the current board chairman.
Calhoun will assume the role of CEO and president on January 13, 2020, after exiting his existing commitments. In the interim, Chief Financial Officer Greg Smith will serve as interim CEO.
The move comes as Boeing attempts to regain the trust of regulators, customers, and other stakeholders following the global grounding of the 737 MAX in March after two deadly crashes.
The company's financial picture remains clouded, and the MAX's return to the skies has been pushed into 2020 due to the crisis.
Boeing's shares jumped 3.4 percent to $339.13 in early trading on the news, but the company's reputation took another hit on Sunday when its Starliner spacecraft landed six days early after a failed mission to rendezvous with the International Space Station.
