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President and CEO of Boeing, Dave Calhoun has announced his decision to step down as CEO at the end of 2024.

Board Chair Larry Kellner has also informed the board that he does not intend to stand for re-election at the upcoming Annual Shareholder meeting. 

The board has elected Steve Mollenkopf to succeed Kellner as independent board chair.  

In this role, Mollenkopf will lead the board’s process of selecting Boeing’s next CEO.

Calhoun will continue to lead Boeing through the year to “complete the critical work underway to stabilise and position the company for the future,” a statement from the plane manufacturer said.

In addition to these changes, Stan Deal, Boeing Commercial Airplanes President and CEO, will retire from the company and Stephanie Pope has been appointed to lead BCA, effective immediately.

“It has been the greatest privilege of my life to serve Boeing,” said Calhoun in a letter to employees. 

“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.”

Kellner has served on the Boeing Board for 13 years and served as its chair since late 2019. 

As chair, he oversaw the establishment of a new board aerospace safety committee, and during his tenure led the recruitment of seven new independent directors, bringing deep engineering, safety, manufacturing and aerospace expertise to Boeing’s board.

“Boeing plays an essential role in our world, and serving this company, and our people, has been a true honour,” Kellner said.

There is no indication yet as to who will put their hand up for the role of CEO of the company in one of its most challenging times in history.