Commissar SFLUFAN Posted March 25 Share Posted March 25 Boeing CEO Dave Calhoun to step down; board chair and commercial airplane head replaced in wake of 737 Max crisis WWW.CNBC.COM Boeing CEO Dave Calhoun will step down at the end of 2024 in part of a broad management shakeup for the embattled aerospace giant. Quote Boeing CEO Dave Calhoun will step down at the end of 2024 in part of a broad management shakeup for the embattled aerospace giant. Chairman of the board Larry Kellner is also resigning and will leave the board at Boeing’s annual meeting in May. He has been replaced as chair by Steve Mollenkopf, who has been a Boeing director since 2020. And Stan Deal, president and CEO of Boeing Commercial Airplanes, is leaving the company effective immediately. Moving into his job is Stephanie Pope, who recently became Boeing’s Chief Operating Officer after previously running Boeing Global Services. The departures come as airlines and regulators have been increasing calls for major changes at the company after a host of quality and manufacturing flaws on Boeing planes. Scrutiny intensified after a Jan. 5 accident, when a door plug blew out of a nearly new Boeing 737 Max 9, minutes into an Alaska Airlines flight. “As you all know, the Alaska Airlines Flight 1282 accident was a watershed moment for Boeing,” Calhoun wrote to employees on Monday. “We must continue to respond to this accident with humility and complete transparency. We also must inculcate a total commitment to safety and quality at every level of our company. “The eyes of the world are on us, and I know we will come through this moment a better company, building on all the learnings we accumulated as we worked together to rebuild Boeing over the last number of years,” he wrote. 1 1 Quote Link to comment Share on other sites More sharing options...
chakoo Posted March 25 Share Posted March 25 The board needs to be fired as well. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted March 25 Author Share Posted March 25 2 minutes ago, chakoo said: The board needs to be fired as well. They absolutely do. Boeing's problems are inherently institutional and therefore will require large-scale institutional reforms to resolve. 1 1 Quote Link to comment Share on other sites More sharing options...
GeneticBlueprint Posted March 25 Share Posted March 25 Put the engineers back in charge please 1 1 Quote Link to comment Share on other sites More sharing options...
CitizenVectron Posted March 25 Share Posted March 25 15 minutes ago, Commissar SFLUFAN said: They absolutely do. Boeing's problems are inherently institutional and therefore will require large-scale institutional reforms to resolve. At this point in American capitalism (I hate to call it "late stage capitalism" because I don't think it's ever really been that different) I don't think institutional reforms are really that possible. Shareholders and private equity firms (when they control the capital) are hell-bent on extracting as much value in the short term, and if boards want to make that harder (by acting more ethically and slowing profits down for safety, etc) then the boards will just be sacked in favour of ones willing to extract more money. 3 1 Quote Link to comment Share on other sites More sharing options...
TwinIon Posted March 25 Share Posted March 25 How is this a situation where he gets to retire own his own timeline and stay until the end of the year? Boeing should be shoving him out the first blown out plug socket and finding someone new to fix this broken company. 1 Quote Link to comment Share on other sites More sharing options...
ThreePi Posted March 25 Share Posted March 25 For a company the size of Boeing, it'll probably be a pretty exhaustive CEO search and I assume they don't just want to stick some rando in there as the interim CEO. Quote Link to comment Share on other sites More sharing options...
Kal-El814 Posted March 25 Share Posted March 25 47 minutes ago, CitizenVectron said: At this point in American capitalism (I hate to call it "late stage capitalism" because I don't think it's ever really been that different) I don't think institutional reforms are really that possible. Shareholders and private equity firms (when they control the capital) are hell-bent on extracting as much value in the short term, and if boards want to make that harder (by acting more ethically and slowing profits down for safety, etc) then the boards will just be sacked in favour of ones willing to extract more money. I think this is part of it, but I suspect that a larger contributor is the lack of meaningful consequences for when said extraction goes badly or just straight up fails. Why WOULDN'T you go all in on a shitty hand if you're largely playing with house money and your personal financial security is guaranteed regardless of outcome? I don't gamble often but if someone gave me some cash and compelled me to do so, I'd absolutely bet differently than if it was my own money on the table. If there were few meaningful consequences paid by people who punish fucked the housing market or poisoned the earth with something like eh VW scandal... why should we expect the people controlling the money to do anything but bet recklessly? The potential benefits are enormous, the downside for them is negligible. 2 Quote Link to comment Share on other sites More sharing options...
marioandsonic Posted March 25 Share Posted March 25 Of course, like most executives, I'm sure this guy is still going to get a multimillion dollar gold parachute and receive no consequences. Quote Link to comment Share on other sites More sharing options...
Reputator Posted March 25 Share Posted March 25 Just now, marioandsonic said: Of course, like most executives, I'm sure this guy is still going to get a multimillion dollar gold parachute and receive no consequences. He'll sleep like a baby knowing that no one he knew personally ever died in one of his planes. 1 Quote Link to comment Share on other sites More sharing options...
finaljedi Posted March 26 Share Posted March 26 7 hours ago, ThreePi said: For a company the size of Boeing, it'll probably be a pretty exhaustive CEO search and I assume they don't just want to stick some rando in there as the interim CEO. A rando might feel bad about their shit planes rolling out of the factory. Quote Link to comment Share on other sites More sharing options...
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