Boeing CEO to step down in management shake-up as manufacturing issues plague storied plane maker

FILE – Then-Nielsen Company CEO David Calhoun, center, watches progress as he waits for the company’s IPO to begin trading, Jan. 26, 2011, on the floor of the New York Stock Exchange. Calhoun will be stepping down at the end of the year from the top job at Boeing, which is under pressure from major airlines wanting to know how the company plans to fix problems in the manufacturing of its planes.

Calhoun was on the Boeing board during its worst time — the crashes of two 737 Max planes in 2018 and 2019 that killed 346 people. He leaves with the company under intense scrutiny from regulators and lawmakers since a door-plug panel blew off a brand-new Alaska Airlines Max jet in midflight on Jan. 5.

Airline executives have expressed their frustration with Boeing, and even minor incidents involving jets the company produced are attracting extra attention. Mistakes made at Spirit, which Boeing spun off nearly 20 years ago, have compounded the company’s problems. Bringing the work of the supplier back in-house would, in theory, give Boeing more control over the quality of manufacturing key airplane components.Calhoun had been a Boeing director since 2009 when he became CEO in January 2020, replacing Dennis Muilenburg, who was fired in the aftermath of the Max crashes.

Last week, Chief Financial Officer Brian West warned that Boeing burned between $4 billion and $4.5 billion more cash than it expected in the first quarter as it slowed down airplane production after the Alaska Airlines accident. The focus on Boeing since early January took some of the surprise out of Monday’s news. Citi analyst Jason Gursky called the shake-up “both predictable and thoughtful.”

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