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Boeing Names GE Veteran Calhoun as CEO; Muilenburg Out

December 24, 2019, 07:20 AM

Boeing announced its Board of Directors has named current Chairman, David L. Calhoun, as Chief Executive Officer and President, effective Jan. 13, 2020. Calhoun will remain a member of the board. In addition, Board member Lawrence W. Kellner will become non-executive Chairman effective immediately.

The company also announced Dennis A. Muilenburg has resigned from his positions as CEO and board Director effective immediately. Boeing Chief Financial Officer Greg Smith will serve as interim CEO during the brief transition period, while Calhoun exits his non-Boeing commitments.

The board decided a change in leadership was necessary to restore confidence in the company moving forward as it works to repair relationships with regulators, customers and all other stakeholders, the company said.

Under the company's new leadership, Boeing will operate with a renewed commitment to full transparency, including effective and proactive communication with the FAA, other global regulators and its customers.

"On behalf of the entire Board of Directors, I am pleased that Dave has agreed to lead Boeing at this critical juncture," Kellner said. He added, "Dave has deep industry experience and a proven track record of strong leadership, and he recognizes the challenges we must confront. The Board and I look forward to working with him and the rest of the Boeing team to ensure that today marks a new way forward for our company."

Calhoun said, "I strongly believe in the future of Boeing and the 737 MAX. I am honored to lead this great company and the 150,000 dedicated employees who are working hard to create the future of aviation."

Calhoun has been a Boeing Director since 2009.

Calhoun has served as Senior Managing Director and Head of Private Equity Portfolio Operations of The Blackstone Group since January 2014. Previously, Calhoun served as Chairman of the Board of Nielsen Holdings plc (marketing and media information) from January 2014 to January 2016, as Chief Executive Officer of Nielsen Holdings plc from May 2010 to January 2014, and as Chairman of the Executive Board and Chief Executive Officer of The Nielsen Company B.V. from August 2006 to January 2014. Prior to joining Nielsen, he served as Vice Chairman of General Electric Company and President and Chief Executive Officer of GE Infrastructure. During his 26-year tenure at GE, he ran multiple business units including GE Transportation, GE Aircraft Engines, GE Employers Reinsurance Corporation, GE Lighting and GE Transportation Systems.

Muilenburg had been CEO since mid-2015.

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