Boeing will start 2020 under a new regime. Dennis Muilenburg is stepping down as CEO and chairman immediately and David Calhoun, who has served on the board for a decade and chaired the board for the past two months, will assume the role of president and CEO on Jan. 13. Calhoun will remain on the board, and Lawrence Kellner will replace him as non-executive chairman of the board. The Chicago company’s moves come a year after two separate plane crashes left 346 people dead. The board, in a press release issued Monday, said it “decided that a change in leadership was necessary to restore confidence in the company moving forward as it works to repair relationships with regulators, customers, and all other stakeholders.”
With the crises the embattled aerospace company has confronted in the past year, corporate governance professionals believe Boeing’s board still has a ways to go to turn things around. “It was simply a matter of time before Mr. Muilenburg was replaced,” writes Mark Dombroff, an aviation attorney at Fox Rothschild. In an e-mail to Agenda, Dombroff says that Muilenburg was the “face of the company” amid “cascading problems and revelations,” and considers the departure “inevitable.” Read Full Article - Agenda Week, December 23, 2019