Boeing Board Extends Retirement Age for CEO David Calhoun -- Update
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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