Boeing CEO to Step Down

( – Boeing’s CEO David Calhoun is to step down as the embattled aircraft manufacturer continues its downward spiral. Pressure on Calhoun has increased since an incident in January when a door came loose from a Boeing 737 Max immediately after takeoff from Portland, Oregon. The CEO said he would walk away at the end of 2024, explaining that the departure was his decision and that he would prepare and facilitate an orderly transition to his successor.

Mr. Calhoun is one of several senior figures whose careers at the airline giant have come to an end in recent months. Stan Deal, head of the commercial airplanes unit, has also resigned, and Larry Kellner, chair of the company’s board of directors, announced he would not stand for re-election at the next shareholder’s annual meeting. Former Qualcomm CEO and current Boeing board member Steve Mollenkopf is lined up to succeed Kellner.

The company came under intense scrutiny following two air crashes in 2018 and 2019 that caused the deaths of 346 people. A subsequent Congressional hearing blamed the Federal Aviation Administration for rubber-stamping the manufacturer’s safety testing, which investigations found was below standard in many instances.

In March, a whistleblower died after giving a deposition to attorneys in which he claimed he had witnessed lax safety practices during his 30-year career with the company. John Barnett had previously told the BBC that only three-quarters of gas masks would function in an emergency and that production line workers used substandard parts and cut corners to ease time pressures.

In March, the airline giant faced yet more criticism when dozens were injured as a 787 Dreamliner plunged suddenly, hurling passengers into the air. This incident occurred just a month after a United Airlines 737 pilot reported that flight controls jammed as the aircraft approached Newark Airport.

CNN reported in mid-March that Boeing’s stock had lost a quarter of its value, and the company’s market valuation had fallen by $40 billion, since January 2024.

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