Boeing’s CEO quits over 737 Max troubles

Boeing’s CEO and board director Dennis A. Muilenburg, above, resigned with immediate effect on Monday over two deadly crashes that led to the global grounding of its 737 Max aircraft in March this year.

Boeing’s current chairman David Calhoun will take over as the new CEO on Jan 13. Till then, Chief Financial Officer Greg Smith will serve as interim CEO.

Muilenburg will continue as a board member.

Boeing said it hopes the change in leadership will restore confidence of its regulators and customers which was shaken after the two crashes in late last year and early this year that left 346 dead.

Thanking the company for making him the CEO, Calhoun said he believes in the future of Boeing and 737 MAX.

Boeing named Lawrence Kellner as the non-executive chairman of the board.

Kellner said Calhoun’s elevation is significant at a juncture when the company is trying to regain its footing. He said he is confident Calhoun will steer the company out of trouble.

Last week, Boeing decided to halt production of 737 MAX and wait for regulators’ opinion on its safety.