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Boeing's CEO, Dennis Muilenburg, is out effective immediately as 737 Max crisis continues
Posted on 12/23/19 at 9:52 am
Posted on 12/23/19 at 9:52 am
quote:
CHICAGO — Dennis Muilenburg resigned as Boeing's CEO and the Board director, the company announced Monday.
Chief Financial Officer Greg Smith will serve as interim CEO until Chairman David Calhoun becomes the permanent CEO on Jan. 13.
The company says the change in leadership was "necessary to restore confidence in the company as it works to repair relationships with regulators, customers, and all other stakeholders."
Boeing will "operate with a renewed commitment to full transparency, including effective and proactive communication with the FAA, other global regulators and its customers," the company wrote in a press release.
"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 said in a prepared statement.
LINK
It's pretty disheartening looking back on this past year as to how Boeing completely botched the response to their worst crisis in decades, if not in its history altogether.
Boeing is a great American company and we're a better country when they're doing well and beating the hell out of Airbus.
6
Posted on 12/23/19 at 9:55 am to Sentrius
Will this help or hurt the stock price?
ETA: it opened in a sharp decline, at the moment, it's rebounding
ETA: it opened in a sharp decline, at the moment, it's rebounding
This post was edited on 12/23/19 at 9:58 am
Posted on 12/23/19 at 9:59 am to Sentrius
Surprised it has taken this long.
Posted on 12/23/19 at 10:00 am to Sentrius
Can’t believe he lasted as long as he did.
Posted on 12/23/19 at 10:03 am to Sentrius
Sentrius, you said...
Boeing said,
So, he wasn't canned because of the mistakes in production and engineering. He was canned because he wasn't exactly forthcoming with the truth.
I think you nailed it here.
Also, a couple of other interesting notes.
1) Timing is very interesting... Maybe Calhoun was in line to take over anyways?
2) The new non-exec chairman is Larry Kellner, the old Continental Airlines CEO.
quote:
It's pretty disheartening looking back on this past year as to how Boeing completely botched the response to their worst crisis in decades, if not in its history altogether
Boeing said,
quote:
Boeing will "operate with a renewed commitment to full transparency, including effective and proactive communication with the FAA, other global regulators and its customers," the company wrote in a press release.
So, he wasn't canned because of the mistakes in production and engineering. He was canned because he wasn't exactly forthcoming with the truth.
I think you nailed it here.
Also, a couple of other interesting notes.
1) Timing is very interesting... Maybe Calhoun was in line to take over anyways?
2) The new non-exec chairman is Larry Kellner, the old Continental Airlines CEO.
Posted on 12/23/19 at 10:17 am to LSUFanHouston
quote:
He was canned because he wasn't exactly forthcoming with the truth.
I think you nailed it here.
Boeing's biggest problem or rather Dennis' biggest problem is that he kept annoying to pissing off the regulators and airlines on top of looking completely tone deaf to the victim's families.
For instance, the continued misplaced and reckless optimism of a timetable for a return to service for the Max kept putting the FAA and regulators overseas in a tough spot that they were never going to concede to Boeing. The FAA is trying to showcase independence to Congress and Boeing here keeps acting like they have the FAA in their pockets.
For example, last month in November, Boeing said they excepted the FAA to lift the MAX ban next month in December and training approval to come in January.
A little while later, the FAA chief made public comments and said that the max would not fly again this year under any circumstances.
That's a bitchslap to Boeing.
This post was edited on 12/23/19 at 10:20 am
Posted on 12/23/19 at 10:54 am to Sentrius
quote:
The FAA is trying to showcase independence to Congress and Boeing here keeps acting like they have the FAA in their pockets.
Old habits die hard. Ole Dennis was operating with the old playbook, not the new one.
CEOs of major companies need to be smart enough to recognize the changing political winds and how they affect their company.
Posted on 12/23/19 at 10:56 am to LSUFanHouston
quote:
2) The new non-exec chairman is Larry Kellner, the old Continental Airlines CEO.
Let's hope he is more successful than in his past corporate endeavor.
Posted on 12/23/19 at 2:17 pm to Sentrius
They still got the F-15X going for them though.
Posted on 12/23/19 at 2:33 pm to FlyinTiger93
quote:
Surprised it has taken this long.
Posted on 12/23/19 at 3:18 pm to Sentrius
Not only on the commercial aircraft side with the 737 Max, but on its aerospace/defense side, the Dreamliner spacecraft that will ferry crew to and from the ISS also had a malfunction on its test flight last week. It was supposed to dock to the ISS but was unable to do so. It was uncrewed, but its next flight was supposed to have crew on board. Not sure how they'll proceed with that now.
This post was edited on 12/23/19 at 3:20 pm
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