In a recent announcement, Boeing revealed that Dave Calhoun, the current CEO, will be departing at the end of 2024. Calhoun took over the position in 2019 with the task of restoring the company’s reputation following a series of deadly crashes involving its planes. However, during his tenure, Boeing has faced a new safety crisis, including the grounding of 737 Max jets, supply disruptions due to the Covid-19 pandemic, and incidents such as a door panel blowing off a Max jet at 16,000 feet.
Some key moments during Calhoun’s leadership include his criticism of his predecessor, Dennis A. Muilenburg, for fostering a flawed internal culture and overproduction rates that compromised safety. Boeing also faced significant challenges during the Covid-19 pandemic, resulting in the layoff of thousands of workers, production moves, and struggles to ramp up production of the Max jets. The company also struck a $2.5 billion deal with the U.S. government to avoid prosecution related to the Max jet crashes.
Boeing’s recent safety issues, including a grounding of Max jets due to an electrical problem and loose bolts on planes, have led to further scrutiny of the company’s safety procedures. The F.A.A. has also barred Boeing from expanding production until quality-control issues are addressed, impacting the company’s plans and financial outlook.
As Boeing grapples with these challenges, its share price has dropped more than 20%, highlighting the significant impact of these safety crises on the company’s reputation and financial performance. The path forward for Boeing remains unclear as it works to address safety concerns and rebuild trust with customers and regulators.
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