Reeling from the 737 Max debacle, Boeing has ousted Chief Executive Officer Dennis Muilenburg and replaced him with David Calhoun. Calhoun, who became company chairman in October this year, will take over as Chief Executive Officer and President, effective January 13, 2020.
With Muilenburg resigning from his positions as Chief Executive Officer and Board director effective immediately, Boeing Chief Financial Officer Greg Smith will serve as interim CEO until Calhoun, who will remain a member of the Board, takes over. Board member Lawrence W. Kellner has been named non-executive Chairman of the Board effective immediately.
Under the 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.
“On behalf of the entire Board of Directors, I am pleased that Dave has agreed to lead Boeing at this critical juncture,” Kellner said. “Dave has deep industry experience and a proven track record of strong leadership, and he recognizes the challenges we must confront.”
“I strongly believe in the future of Boeing and the 737 MAX,” said Calhoun. “I am honored to lead this great company and the 150,000 dedicated employees who are working hard to create the future of aviation.”
Muilenburg became CEO in July 2015. Before the MAX grounding, Boeing shares had more than tripled during his tenure. The company currently has about 5,000 MAX orders, but the ongoing crisis is expected to cost it at least US$10 billion. The company has already lost about US$50 billion in market value since the MAX crisis began.
Federal Aviation Administration (FAA) approval for the MAX isn’t expected until February 2020 at least. Anticipating even further delay, Southwest and American Airlines have pulled the plane from its schedules and canceled 737 Max flights into April. Regulatory bodies in other parts of the world will not be dictated by FAA’s decision and will decide on their own whether the aircraft is safe enough to fly again.
Meanwhile, Boeing has sent the FAA additional documents that were discovered by its internal investigation into the 737 MAX crisis. The documents are said to include “troubling communications.”
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