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Boeing CEO Dave Calhoun to step down.

Boeing (BA.N), CEO Dave Calhoun will step down by year-end in a broad management shakeup brought on by the planemaker's sprawling safety crisis exacerbated by a January mid-air panel blowout on a 737 MAX plane.

In addition, board chair Larry Kellner and Stan Deal, head of the company's commercial planes business, are also leaving as Boeing's board tries to get control of the myriad issues that have shaken confidence in the iconic planemaker over several weeks.

The January incident was the most recent in a series of safety crises that have shaken the industry's confidence in the planemaker and hampered its ability to increase production. Calhoun, 66, was brought in as CEO following a pair of crashes in 2018 and 2019 that killed nearly 350 people.

Immediately after the Jan. 5 panel blowout, airline executives expressed support for Calhoun, but those good feelings ebbed after additional production delays and as regulators detailed quality problems at its key manufacturing hub outside Seattle.

Some investors said the shake-up would not be enough to address these persistent issues.

Boeing shares have lost roughly a quarter of their value since the incident. They closed up 1.4% Monday, off highs hit earlier in the day.

Source: www.reuters.com

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