Boeing Prolongs CEO Dave Calhoun’s TenureApril 29th, 2021
On Tuesday, April 20th, Boeing announced that it would adjust its current retirement policy to keep current CEO Dave Calhoun at the helm of affairs. According to Boeing’s mandatory retirement policy, CEOs were made to retire at 65, but the company has now extended it to 70. So, Mr Calhoun gets an extra five years at the job.
This new policy applies to all other CEOs that will fill the position in the future. While Mr Calhoun retains his position, another senior executive is vacating his position.
The Board of Directors for Boeing issued a statement to confirm the approval for a new retirement policy. With the new policy, Dave Calhoun will continue to serve as CEO until April 1st, 2028. Nonetheless, he could decide to retire anytime before he turns 70 if he wanted to
Mr Dave Calhoun’s predecessor was Dennis Muilenburg, who resigned during the 737 MAX scandal in 2019. Calhoun served as the company’s Chairman before stepping into the role of CEO in January 2020.
In less than two years, Calhoun has been through the height of the Boeing 737 MAX scandal, coronavirus’s devastating impact on the aviation market and the world, but he did so smoothly. If anything, the new policy shows that the company sees him as a great team member and wants him around a little longer.
Boeing chairman Larry Kellner said, “Under Dave’s strong leadership, Boeing has effectively navigated one of the most challenging and complex periods in its long history. His dedication to renewing the company’s commitment to safety, quality, and transparency has been critical in building regulator and customer confidence as Boeing returns the 737 MAX to service.
“And, in the face of unprecedented challenges brought on by the global pandemic, the Board has determined that it is in the best interests of the company and its stakeholders to allow the Board and Dave the flexibility for him to continue in his role beyond the company’s standard retirement age.”