By Andrew Tangel 

Boeing Co. on Tuesday cast a vote of confidence in Chief Executive David Calhoun by extending his job for up to five years and said it is searching for a new chief financial officer.

The leadership moves come as Boeing is under continued pressure stemming from two fatal crashes of its 737 MAX and plunge in demand for new airplanes amid the Covid-19 pandemic. The manufacturer's commercial, defense and space divisions also face a host of quality problems, and Mr. Calhoun has presided over efforts to overhaul how Boeing handles engineering and safety matters.

Boeing said Greg Smith, who was considered as a potential successor to the top job, will retire in July after serving as CFO for a decade and briefly serving as interim CEO before Mr. Calhoun took over in January 2020.

Mr. Calhoun, 64 years old, will now face a new mandatory retirement age of 70, rather than the company's typical age of 65. Mr. Calhoun, a director since 2009, is among Boeing's longest-serving board members and served as lead director and chairman before becoming CEO last year.

Without the extension Mr. Calhoun would face retirement in April 2022. The company said Tuesday there wasn't a fixed term with Mr. Calhoun's employment. Chairman Larry Kellner said Boeing had "effectively navigated one of the most challenging and complex periods" in the company's history during Mr. Calhoun's tenure.

Write to Andrew Tangel at Andrew.Tangel@wsj.com

 

(END) Dow Jones Newswires

April 20, 2021 10:10 ET (14:10 GMT)

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