Boeing CEO Dave Calhoun to step down in shakeup amid safety crisis

VIRGINIA — Boeing CEO Dave Calhoun will step down by year-end in a broad management shakeup brought on by the planemaker's sprawling safety crisis exacerbated by a January mid-air panel blowout on a 737 MAX plane.Dave Calhoun, CEO of Boeing, speaks on stage during the delivery of the final 747 jet at their plant in Everett, Washington, US on Jan 31, 2023.

"They need more than just a shakeup at the CEO and the chairman of the board level... they're just paralysed from making decisions," said Robert Pavlik, senior portfolio manager at Dakota Wealth."It's going to take a little bit more time for Boeing to get it straightened out." Mr Calhoun said he made the decision to step down."It was me giving them notice that at the end of this year I plan to retire," Mr Calhoun told CNBC. He said he wanted to stay to the end of the year to address quality issues.Steve Mollenkopf, former CEO of tech company Qualcomm, has been appointed new chair of the board and is leading the search for the next CEO. A source told Reuters Mr Mollenkopf will join Mr Kellner on planned meetings with major U.S. and foreign airline CEOs.

Following the incident, the FAA curbed Boeing production to 38 jets per month, but CFO Brian West said last week it had not reached that figure. He added the planemaker was burning more cash than expected this quarter. "Our livelihoods are at stake, and that's precisely why we are seeking a seat on the board," said Jon Holden, president of the International Association of Machinists and Aerospace Workers District 751, which represents Seattle-area workers.

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