Boeing Chief Executive Officer Dave Calhoun will leave the post at the end of 2024 as the company faces safety crises.
Following the decision, Boeing shares rose 1.5 per cent on Monday. They have fallen 23 per cent to $191.40 in the wake of the door-panel mishap, giving the business a market value of $116.8 billion.
Boeing was a source of concern as the company’s 737 Max faced several safety issues. The last one, the unused emergency door that blew out during a flight in January, was the drop. No one was injured except the company’s safety and quality control records.
Boeing also announced that the head of its commercial airlines division would retire immediately as its chairman would not stand for re-election.
The Federal Aviation Administration’s six-week audit also resulted in “multiple instances where the companies failed to comply with manufacturing quality control requirements”.
Dave Calhoun announces intent to step down as CEO at the end of 2024; Calhoun will continue to lead Boeing through year-end.
Calhoun served on Boeing’s board since 2009 and succeeded Dennis Muilenburg as CEO four years ago, following two crashes involving the 737 Max 8 in 2018 and 2019 that killed 346 people.
The company was also losing blood in the Defence and Aviation sectors. It was listed for a long time second after Lockheed Martin on the “Top 100” Defence Companies list but has been ranked third since the Covid-19 breakout.
Boeing CEO Dave Calhoun to Leave Due to Safety Crisis
