Muilenburg ejected after the 737 MAX fiasco

Boeing (NYSE: BA) has announced the dismissal of Dennis Muilenburg as executive director while the company struggles to recover from the billionaire fiasco of its 737 MAX aircraft.

“The Board of Directors has decided that a change of direction is necessary to restore confidence in the company for the future while working to repair relations with regulators, customers and all other interested parties, said Boeing (NYSE: BA) in a statement this Monday.

Boeing (NYSE: BA) has announced the appointment of the current president, David L. Calhoun, as executive director and president, as of January 13, 2020. Calhoun will continue to be a board member. In addition, Lawrence W. Kellner, another board member, will be the new non-executive chairman of the board with immediate effect.

CFO Greg Smith will take over the duties of interim executive director during the brief transition period, until Calhoun abandons his commitments outside Boeing.

The company said a week ago that it would stop the manufacture of 737 MAX, citing a huge excess of inventory that it cannot solve while regulators refuse to declare it ready to fly.

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