Boeing has today announced that company CEO Dave Calhoun will step down at the end of 2024 and Boeing Commercial Airplanes’ President and CEO Stan Deal will retire effective immediately. Mr. Deal will be succeeded by Stephanie Pope.
On Monday (March 25, 2024), Boeing announced a major management shakeup after being plagued by quality and safety concerns over recent months. Boeing’s CEO Dave Calhoun will step down at the end of 2024, and Boeing Commercial Airplanes’ President and CEO Stan Deal will retire effective immediately. Mr. Deal will be succeeded by Stephanie Pope. Additionally, the company’s independent Board Chair Larry Kellner will not stand for re-election at the company’s annual meeting and Steve Mollenkopf has been appointed as new Chairman. In his new role as Chair, Mr. Mollenkopf will lead the Board’s process of selecting Boeing’s new CEO.
In a letter to Boeing employees today, the company’s outgoing CEO, Dave Calhoun, said,
“It has been the greatest privilege of my life to serve Boeing. The eyes of the world are on us, and I know that we will come through this moment a better company. We will remain squarely focused on completing the work we have done together to return our company to stability after the extraordinary challenges of the past five years, with safety and quality at the forefront of everything that we do.”
Having served on Boeing’s Board for the last 13 years, Larry Kellner has been the company’s Independent Board Chair sine Late 2019. During his tenure the company recruited ten new independent directors, adding deep engineering, safety, manufacturing and aerospace expertise to Boeing’s Board.
In today’s announcement, Boeing’s outgoing independent Board Chair, Larry Kellner, said,
“Boeing plays an essential role in our world, and serving this company, and our people, has been a true honor. After over a decade on the board and several years as its chair, I have been considering the right time for a transition of leadership on our board, and have been discussing that subject with Dave and the board in conjunction with Dave’s own planning about his succession timeframe.
“I want to thank Dave for his tremendous leadership of our company, and I know he will finish the job this year that he started in 2020 to position Boeing, and our employees, for a stronger future. With Dave’s decision to step down as CEO at the end of this year, now is the right time for a transition to my successor. Steve is the ideal next leader to take on the role of board chair, and it is important that the CEO selection process be led by a new chair who will stay at the helm as a partner to the new CEO. With a strong board, an excellent management team and 170,000 dedicated Boeing employees, I am fully confident in our company’s future.”
Steve Mollenkopf has been on Boeing’s Board since 2020, and previously served as the CEO of Qualcomm. He holds bachelor’s and master’s degrees in electrical engineering. Commenting on his new role as Boeing’s Chairman of the Board, Mr. Mollenkopf, said,
“I am honored and humbled to step into this new role. I am fully confident in this company and its leadership – and together we are committed to taking the right actions to strengthen safety and quality, and to meet the needs of our customers. I also want to thank both Larry and Dave for their exceptional stewardship of Boeing during a challenging and consequential time for Boeing and the aerospace industry.”
As previously mentioned, Boeing Commercial Airplanes’ President and CEO Stan Deal will retire effective immediately, and will be succeeded by Stephanie Pope, who has served as Boeing’s Chief Operating Officer since January 2024. Previously she was President and CEO of Boeing Global Services, where she led the company’s aerospace services for commercial, government and aviation industry customers worldwide. Earlier in her career with the company, Ms. Pope served as Chief Financial Officer of Boeing Commercial Airplanes.
Boeing (NYSE: BA) is the world’s largest aerospace company and leading supplier of commercial airplanes, defense, space and security systems, as well as global services. The aerospace giant tops the list of the largest U.S. exporters, providing a significant positive impact to America’s annual GDP. Boeing supports government and commercial customers in over 150 countries and employs more than 170,000 team members worldwide. As Boeing continues to deliver for customers, they are committed to their legacy of aerospace leadership in technology and innovation and living the company’s core values of safety, quality, and integrity.
In trading Monday morning (March 25, 2024), shares in The Boeing Company (NYSE: BA) were 1.53 percent higher at $191.74/share (9:36 AM EDT).
Source: Boeing