Boeing is undergoing significant changes in its leadership, with CEO Dave Calhoun set to step down by the end of 2024, along with Chairman Larry Kellner leaving the board in May.
Additionally, Stan Deal, the CEO of Boeing’s Commercial Airplanes division, will retire immediately. These moves come in the wake of recent challenges faced by the company, including an incident in January where a door panel on an Alaska Airlines flight blew out mid-flight, involving Boeing’s 737 Max 9 aircraft.
Calhoun, in an internal memo, acknowledged the incident as a pivotal moment for Boeing, emphasizing the need for transparency and humility in responding to such events. The company is now tasked with finding Calhoun’s successor, with former Qualcomm CEO Steve Mollenkopf leading the search as the new chair of the board.
Boeing’s troubles extend beyond the recent incident, with production problems and quality issues prompting criticism from major airline customers. Delays in aircraft deliveries have forced airlines to adjust their flight schedules, while production of the 737 Max has been slowed down to address manufacturing flaws.
Despite the challenges, analysts view the management shakeup as a prudent move by Boeing’s board, recognizing the need to restore faith among customers, suppliers, and stakeholders. Calhoun, who took over as CEO four years ago following fatal crashes involving the 737 Max 8, leaves behind a legacy marked by efforts to address past mistakes and rebuild trust in the company.
The shakeup at Boeing comes amidst a broader backdrop of regulatory scrutiny, with the EU launching probes into tech giants Apple, Meta, and Alphabet under the new Digital Markets Act. These investigations focus on various aspects, including Apple’s App Store, Google’s Play Store, and Meta’s ad-free subscription model.
Meanwhile, on Wall Street, investors are navigating a busy trading week, still digesting the Federal Reserve’s recent interest rate decision. Yahoo Finance is set to provide insights into the decision with an exclusive interview featuring Chicago Fed President Austan Goolsbee.
In addition to market updates, Yahoo Finance is launching a new show called Wealth, focused on personal finance and hosted by Brad Smith. The show aims to provide comprehensive guidance on growing wealth and managing finances effectively, featuring a lineup of experts and advisers.
Scheduled guests for today’s programming include Jim Kelleher from Argus, Lawrence Yun from the National Association of REALTORS, and Niladri Mukherjee and Michael Gayed discussing wealth management strategies.