Boeing CEO David Calhoun will step down from the embattled plane maker at the end of the year as part of a broad management shakeup Monday after a series of mishaps at one of America’s iconic…
FILE – Then-Nielsen Company CEO David Calhoun, center, watches progress as he waits for the company’s IPO to begin trading, Jan. 26, 2011, on the floor of the New York Stock Exchange. Calhoun will be stepping down at the end of the year from the top job at Boeing, which is under pressure from major airlines wanting to know how the company plans to fix problems in the manufacturing of its planes.
The Federal Aviation Administration has stepped up its scrutiny of the company, including putting a limit on production of 737s. An FAA audit of Boeing’s 737 factory near Seattle gave the company failing grades on nearly three dozen aspects of production. Boeing has until late May to give FAA a plan for improvement.
“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 said. Boeing has not filed its proxy statement for 2023, but previous filings show that Calhoun received compensation valued at more than $64.6 million from 2020 through 2022. Almost all of it was in the form of stock awards, options and bonuses.
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