Boeing CEO to Step Down

Dave Calhoun, Boeing Chief Executive Officer, has had a disastrous 2024, and it has only been three months.

Boeing has had a myriad of awful press since January, when the door panel blew off of a Boeing 737 Max plane flown by Alaska Airlines.

BREAKING: Boeing CEO Dave Calhoun will step down at the end of 2024. pic.twitter.com/PC78biHVHg

— The General (@GeneralMCNews) March 25, 2024

Two other Boeing executives will also be stepping down: Stan Deal (CEO and president of Boeing Commercial Airplanes) and Chairman Larry Kellner.

The change in management may not come as a surprise to people, as many passengers have felt nervous stepping on board a Boeing aircraft.

NBC News includes Calhoun’s comments on the issues Boeing faces:

In a letter to staff, posted on the Boeing website, Calhoun acknowledged that the Alaska Airlines incident had changed the company.

“As you all know, the Alaska Airlines Flight 1282 accident was a watershed moment for Boeing,” he wrote. “We must continue to respond to this accident with humility and complete transparency. We also must inculcate a total commitment to safety and quality at every level of our company.”

“The eyes of the world are on us,” he said, referring to ongoing efforts to reassure both the company’s airline customers and the flying public that its aircraft are safe.

Calhoun took the reigns as CEO in 2020, after Dennis Muilenburg was fired for his handling of deadly 737 Max crashes.

Coincidentally, shares of Boeing Co. BA have increased.

🚨BREAKING : $BA Boeing CEO Dave Calhoun to step down$BA is soaring 3.34% pre market following the news!

Is this bullish for $BA ? pic.twitter.com/oMb4Y7afMD

— Lusso's News (@LussosNews) March 25, 2024

Market Watch expands on Boeing stock issues:

Boeing’s stock has tumbled 27.6% year to date through Friday, while the S&P 500 SPX, -0.14% has gained 9.7%.

Shares of Boeing Co. BA, +0.61% rallied 2% in premarket trading Monday, after the aerospace and defense giant said Chief Executive Dave Calhoun will step down at the end of the year.

CNN Business includes the issues Boeing has been facing:

Boeing has been buffeted by more than five years of problems with its airplanes, including two fatal crashes of the 737 Max in 2018 and 2019 that killed 346 people, and most recently a door plug that blew out of the side of an Alaska Airlines 737 Max in January, leaving a gaping hole in the side of the plane. The problems have led to multiple groundings for safety issues and more than $31 billion in cumulative losses.

It is not clear who will be replacing the top executives at Boeing, whoever takes over will surely have their hands full!