Boeing (NYSE:BA) unveiled significant leadership changes on Monday, announcing CEO Dave Calhoun’s plan to step down by the end of 2024. Board Chair Larry Kellner also stated his decision not to seek re-election at Boeing’s forthcoming annual shareholder meeting, leading to the appointment of Steve Mollenkopf as the new independent board chair. Mollenkopf, who joined Boeing’s board in 2020 and previously held the CEO position at Qualcomm, will succeed Kellner.

Additionally, Boeing Commercial Airplanes President and CEO Stan Deal is set to retire, with Stephanie Pope taking over the leadership of the unit starting today. Kellner, who has been a Boeing board member for 13 years and served as chair since late 2019, will step down.

Following the announcement, Boeing shares saw a more than 3% increase intra-day today. These management shifts occur as Boeing navigates through challenging times, highlighted by heightened scrutiny over incidents and issues that have cast doubts on the company’s quality control, safety standards, and overall governance.

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