ARLINGTON, Va. - Boeing (NYSE:BA) [NYSE: BA] has revealed several significant leadership changes, with CEO Dave Calhoun set to step down at the end of 2024. The company's board chair, Larry Kellner, will not seek re-election at the upcoming Annual Shareholder meeting, and Steve Mollenkopf has been elected to succeed him as independent board chair.
These announcements come as Boeing continues to navigate through a period of stabilization and recovery following challenges that have impacted the aerospace industry over the past five years. Calhoun, who has been at the helm since 2020, has committed to leading the company through the remainder of the year with a focus on safety and quality.
In a statement to employees, Calhoun expressed his pride in serving Boeing, emphasizing the importance of the company's role and the ongoing efforts to restore stability. Kellner, who has served on the Boeing Board for 13 years and as its chair since late 2019, highlighted the strategic timing of the leadership transition, aligning with Calhoun's planned departure.
Mollenkopf, a board member since 2020 and former CEO of Qualcomm (NASDAQ:QCOM), brings a background in engineering to his new role. He has expressed his confidence in Boeing's leadership and the collective commitment to enhancing safety and quality standards.
Additionally, Boeing announced the retirement of Stan Deal, President and CEO of Boeing Commercial Airplanes (BCA). Stephanie Pope, who has been with Boeing since January and has extensive experience within the company, including as CFO of BCA, will take over Deal's position effective today.
Boeing, a leading aerospace company, is known for its production of commercial airplanes, defense products, and space systems.
The information is based on a press release statement from Boeing.
InvestingPro Insights
As Boeing [NYSE: BA] gears up for significant leadership transitions, the market is watching closely. InvestingPro data provides a snapshot of the company's financial health and market performance. With a market capitalization of $116.45 billion, Boeing remains a heavyweight in the aerospace industry despite recent challenges. The company's revenue has shown a growth of 16.79% over the last twelve months as of Q4 2023, signaling potential stabilization after a tumultuous period.
InvestingPro Tips suggest that Boeing is expected to see net income growth this year, offering a glimmer of hope for investors. However, analysts have tempered this optimism by revising their earnings downwards for the upcoming period, indicating that Boeing may still face hurdles in the short term. The company's stock price has experienced significant volatility, with a 27.49% drop over the last three months leading up to April 2024. This volatility is reflective of the broader challenges within the aerospace sector and Boeing's efforts to navigate them.
An InvestingPro Tip highlights Boeing's status as a prominent player in the Aerospace & Defense industry. Despite not paying dividends to shareholders, the company's role in the market cannot be underestimated, especially with the anticipation of returning to profitability this year. For more in-depth analysis and additional InvestingPro Tips, investors can explore Boeing's profile on InvestingPro, where 11 more tips are available. To access these insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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