This archive report was first published on 24 December 2019.
On December 23, 2019, Boeing announced the replacement of its embattled CEO, Dennis Muilenburg, in a bid to restore its reputation amid the protracted 737 MAX crisis.
David Calhoun, the company's board chairman, has been appointed as the new CEO and president, effective January 13, 2020. Calhoun, a former General Electric aviation executive, will take over from Muilenburg, who will exit the company immediately.
During the transition period, Chief Financial Officer Greg Smith will serve as interim CEO. The move comes a week after Boeing temporarily shut down MAX production due to the crisis, which has pushed the aircraft's return to the skies into 2020.
Boeing's financial picture remains clouded following the global grounding of the MAX in March after two deadly crashes. The company has pledged to operate with a renewed commitment to full transparency, including effective and proactive communication with regulators and customers.
Boeing 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.
