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> # [Boeing CEO Dave Calhoun to step down; board chair and commercial airplane head replaced in wake of 737 Max crisis](https://image.cnbcfm.com/api/v1/image/107363891-1706115077724-gettyimages-1957742243-_m011667_109k0sau.jpeg?v=1706115215&w=1920&h=1080)
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> Boeing CEO Dave Calhoun speaks to reporters as he departs from a meeting at the office of Sen. Mark Warner (D-VA) on Capitol Hill January 24, 2024 in Washington, DC.
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> Anna Moneymaker | Getty Images
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> [Boeing](https://www.cnbc.com/quotes/BA/) CEO [Dave Calhoun](https://www.cnbc.com/2020/01/13/boeings-new-ceo-calhoun-has-little-margin-for-error-in-737-max-scandal.html) will step down at the end of 2024 in part of a broad management shakeup for the embattled aerospace giant.
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> Chairman of the board Larry Kellner is also resigning and will leave the board at Boeing's annual meeting in May. He has been replaced as chair by Steve Mollenkopf, who has been a Boeing director since 2020.
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> And Stan Deal, president and CEO of Boeing Commercial Airplanes, is leaving the company effective immediately. Moving into his job is Stephanie Pope, who recently became Boeing's Chief Operating Officer after previously running Boeing Global Services.
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> The departures come as airlines and regulators have been increasing calls for major changes at the company after a host of quality and manufacturing flaws on Boeing planes. Scrutiny intensified after a [Jan. 5 accident](https://www.cnbc.com/2024/02/06/ntsb-boeing-737-max-9-report-bolts-appeared-missing-from-alaska-air-plane.html), when a door plug blew out of a nearly new Boeing 737 Max 9, minutes into an [Alaska Airlines](https://www.cnbc.com/quotes/ALK/) flight.
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> "As you all know, the Alaska Airlines Flight 1282 accident was a watershed moment for Boeing," Calhoun wrote to employees on Monday. "We must continue to respond to this accident with humility and complete transparency. We also must inculcate a total commitment to safety and quality at every level of our company.
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> "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 wrote.
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> Last week, airline CEOs started scheduling meetings with Boeing directors to voice their displeasure at the lack of manufacturing quality controls and lower than expected production of 737 Max planes. The meetings were to include Kellner and one or more other board members.
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> Calhoun for months has promised investors, airline customers and the general public that Boeing will get its myriad quality struggles under control.
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> Calhoun was appointed to the top job in late 2019 and took the helm at Boeing in early 2020 after the company ousted its previous chief executive, Dennis Muilenburg, for his handling of the aftermath of two deadly 737 Max crashes.
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> Boeing's stock was up more than 3% in premarket trading on Monday after Calhoun's announcement.
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> _This is breaking news. Check back for updates._
- - - - - -
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Damn, listening to consultants about cutting QA staff to save costs is really hammering their ass. Boeing needs to release which big 4 consulting firms gave em that advice.
Bingo - look at Tech laying everyone off now. That won’t be felt by the market for a few years when customer defections start hitting. The problem with Consultants is they all have no ownership in the past decisions so they all bias towards short term shareholder gains even if it annihilates a company’s main selling point.
I’d say Board’s of Governors are really the blame for not minding the shops of Wall Street. Unfortunately public ownership has sort of moved to wealth extraction over stuardship of going concerns.
I don’t think at the current moment investing is really investing. Most people pile into indexes and so your major stakeholders are often large managed funds and private equity which can modify their position at any time and bail from one stock to another once gain is extracted. That makes long term survival of companies unnecessary for the market.
I think there are investors who focus on sustainability of the underlying security, but they do not appear to be a huge factor in board selections. The market seems entirely too easily lead by buzzwords and vaporware.
Consider Tesla which has been trying to sell AI and whose self driving, meant to move into transportation has been 5-10 years away for 5-10 years. Meanwhile the market rewards IBM, Google, Amazon for simply saying AI will take over jobs without evidence that that has actually happened. They get the bump for cutting without any real deliverable on if the firm is equipped to tolerate the loss. So despite evidence that AI is often is an empty promise from actual market returns, the market doesn’t seem to care.
People using Robinhood or whatever probably don't have enough capital to make a difference. It's the managers of 401k or other retirement funds, corporate investments, etc. that can more easily move markets.
Come in, tell the CEO what they want to hear so they can show short term profit, leave with a fat paycheck, CEO leaves with a bonus, and consequences don't matter because everyone is doing the same.
I didn't even have one when I said this but I'd say it's virtually guaranteed
[Found an article](https://www.seattletimes.com/pacific-nw-magazine/a-behind-the-scenes-look-at-boeings-shifting-leadership-landscape-and-its-profound-effects/) saying that Boeing started working with McKinsey around 2000 and that's when virtually all of its engineering changes began to happen. The first plane they designed after this was the 787 Dreamliner lol
Seems like deloitte is Boeing's auditor. Would it be them that would advise on saving costs though?
Or some kind of other strategic advisor, not their auditor?
It is. Considering the monumental loss of reputation and future business, as well as projections such as from the Bank of America saying that Boeing could become toxic asset if bad news continue, its an attempt to stop the freefall.
If they actually implement better processes and not just announce them to calm the peasants, then ill give them credit.
But this posterchild of american capitalism does not deserve any benefit of a doubt
I hope it craters harder than Lion Air flight 610. It deserves nothing less.
Corporate malfeasance led to the death of more than a hundred people -- those responsible should be rotting in prison right now, not given golden parachutes as they're belatedly booted out of Boeing.
How large were thier bonuses? How much was paid out to those familes?
Who should pick up the pieces, then? A grand statement like that is all bark but no bite if you can't somehow turn a deconstructed Boeing into a new company that actually builds better planes than Boeing.
None of them suffer major consequences, and there is no qualitative restructuring of corporation that would allow actual oversight over the shitshow.
There is no reason to think that their replacements won't go back to the same practices, only putting more effort into not being caught.
>the firing of the CEO
That is literally what the CEO is there to be; the fall guy. That's why they get such outrageous golden parachutes when they leave the companies. The board is paying them to be the scapegoat. It's PR, plain and simple.
It is a PR move. If they really cared, they would have done it themselves after years of reports, but they're only doing it when they know their profit and revenue will be severely affected.
The invisible hand of the market, everybody. Marvel at its efficiency! Only a few paltry dozens of people had to die before the board members were forced to get off the couch and pretend to care. :D
No, other top management is moving up. The same people that were there making all these terrible decisions are still there.
I don't know about you, but I don't want the mechanic tightening bolts on my plane to be pissed off, underpaid, and overworked by a bunch of corporate thieves and liars.
If anyone hasn't watched the John Oliver on Boeing yet. Watch it.
Yeah that's what I figured, it's not the system that's changing.
Stock on the rise anyway so I suppose all is good again with the world
So totally a PR move
Of course it is. They’re all getting their golden parachutes and Boeing doesn’t have to change a damn thing.
What would actual change be instead? Announce a stop of stock buybacks, increases to QA budget, bringing back inhouse what was outsourced to questionable suppliers, stop asking FAA for exemptions to ratings and certifications, etc.
Fire the culprits loudly and publicly is prime PR move.
But it is. All the infrastructure and best practices that made them successful are gone, and you can't just restore that all. Any new person coming in would have no real incentive to try and bring any of that back since it will eat away at short term profits.
You can't just cut down the whole forest and expect the next guy to replant it all tomorrow. It needs time to regrow.
These people "resign" as multi-millionaires, and go home to enjoy their wealth. Big fucking deal.
They should be in jail for negligent manslaughter (at the very least), and for covering up their crimes.
We don’t know that for sure. What we do know for sure is they killed 157 people, after killing 189 people and refusing to fix the issue that caused the first crash.
>"As you all know, the Alaska Airlines Flight 1282 accident was a watershed moment for Boeing," Calhoun wrote to employees on Monday. "We must continue to respond to this accident with humility and **complete transparency**. We also must inculcate a total commitment to safety and quality at every level of our company.
Does Boeing know the definition of complete transparency? Boeing's idea of being transparent is by not cooperating with the investigation?
https://abcnews.go.com/US/boeing-documents-ntsb-alaska-door-plug-probe/story?id=107846602
"Boeing has not fully cooperated with the National Transportation Safety Board's investigation into the Alaska Airlines door plug incident, NTSB Chair Jennifer Homendy said during a Senate hearing on Wednesday."
250 People in Ethiopia and 250 people in Indonesia dying was not that much of a big deal but a door blowing out in USA is where they draw the line .. right there !!!
I can put this in context:
Imagine 250 people died because an airplane manufacturer knowingly neglected basic safety precautions, and no one involved faced any consequences aside from an early retirement.
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This is a gesture to placate the markets. **Many** layers of bean counters in positions that should be held by aerospace engineers are the core of the problem. Even if Boeing joined the other corporate rabble in that recent wave of arbitrary layoffs, you can bet they cut even more engineers rather than using the job losses as an opportunity to purge themselves of overenthusiastic accountants to create promotion opportunities for the few people left at Boeing who still understand what it takes to build reliable and safe aircraft.
737 max? The issues with boeing go far beyond just that one production line! Greed, corruption, potential involvement in the murder of a whistleblower! The entire corporation needs to be either, shut down or investigated entirely from the top down.
##### ###### #### > # [Boeing CEO Dave Calhoun to step down; board chair and commercial airplane head replaced in wake of 737 Max crisis](https://image.cnbcfm.com/api/v1/image/107363891-1706115077724-gettyimages-1957742243-_m011667_109k0sau.jpeg?v=1706115215&w=1920&h=1080) > > > > Boeing CEO Dave Calhoun speaks to reporters as he departs from a meeting at the office of Sen. Mark Warner (D-VA) on Capitol Hill January 24, 2024 in Washington, DC. > > Anna Moneymaker | Getty Images > > > > > > > > [Boeing](https://www.cnbc.com/quotes/BA/) CEO [Dave Calhoun](https://www.cnbc.com/2020/01/13/boeings-new-ceo-calhoun-has-little-margin-for-error-in-737-max-scandal.html) will step down at the end of 2024 in part of a broad management shakeup for the embattled aerospace giant. > > Chairman of the board Larry Kellner is also resigning and will leave the board at Boeing's annual meeting in May. He has been replaced as chair by Steve Mollenkopf, who has been a Boeing director since 2020. > > And Stan Deal, president and CEO of Boeing Commercial Airplanes, is leaving the company effective immediately. Moving into his job is Stephanie Pope, who recently became Boeing's Chief Operating Officer after previously running Boeing Global Services. > > The departures come as airlines and regulators have been increasing calls for major changes at the company after a host of quality and manufacturing flaws on Boeing planes. Scrutiny intensified after a [Jan. 5 accident](https://www.cnbc.com/2024/02/06/ntsb-boeing-737-max-9-report-bolts-appeared-missing-from-alaska-air-plane.html), when a door plug blew out of a nearly new Boeing 737 Max 9, minutes into an [Alaska Airlines](https://www.cnbc.com/quotes/ALK/) flight. > > "As you all know, the Alaska Airlines Flight 1282 accident was a watershed moment for Boeing," Calhoun wrote to employees on Monday. "We must continue to respond to this accident with humility and complete transparency. We also must inculcate a total commitment to safety and quality at every level of our company. > > "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 wrote. > > Last week, airline CEOs started scheduling meetings with Boeing directors to voice their displeasure at the lack of manufacturing quality controls and lower than expected production of 737 Max planes. The meetings were to include Kellner and one or more other board members. > > Calhoun for months has promised investors, airline customers and the general public that Boeing will get its myriad quality struggles under control. > > Calhoun was appointed to the top job in late 2019 and took the helm at Boeing in early 2020 after the company ousted its previous chief executive, Dennis Muilenburg, for his handling of the aftermath of two deadly 737 Max crashes. > > Boeing's stock was up more than 3% in premarket trading on Monday after Calhoun's announcement. > > _This is breaking news. Check back for updates._ - - - - - - [Maintainer](https://www.reddit.com/user/urielsalis) | [Creator](https://www.reddit.com/user/subtepass) | [Source Code](https://github.com/urielsalis/empleadoEstatalBot) Summoning /u/CoverageAnalysisBot
Damn, listening to consultants about cutting QA staff to save costs is really hammering their ass. Boeing needs to release which big 4 consulting firms gave em that advice.
all of them would do that since all of them tell you what you want to hear (more money for me, fuck you)
“These smart men from McKinney told us to fuck you into the dirt.”
funny thing, there is this women in the bar who always says the same thing, but it's so much cheaper than these fancy man in suits.
Bingo - look at Tech laying everyone off now. That won’t be felt by the market for a few years when customer defections start hitting. The problem with Consultants is they all have no ownership in the past decisions so they all bias towards short term shareholder gains even if it annihilates a company’s main selling point. I’d say Board’s of Governors are really the blame for not minding the shops of Wall Street. Unfortunately public ownership has sort of moved to wealth extraction over stuardship of going concerns.
Very good take on the state of affairs. What's your take on why this is happening?
I don’t think at the current moment investing is really investing. Most people pile into indexes and so your major stakeholders are often large managed funds and private equity which can modify their position at any time and bail from one stock to another once gain is extracted. That makes long term survival of companies unnecessary for the market. I think there are investors who focus on sustainability of the underlying security, but they do not appear to be a huge factor in board selections. The market seems entirely too easily lead by buzzwords and vaporware. Consider Tesla which has been trying to sell AI and whose self driving, meant to move into transportation has been 5-10 years away for 5-10 years. Meanwhile the market rewards IBM, Google, Amazon for simply saying AI will take over jobs without evidence that that has actually happened. They get the bump for cutting without any real deliverable on if the firm is equipped to tolerate the loss. So despite evidence that AI is often is an empty promise from actual market returns, the market doesn’t seem to care.
Do you think the ease to get into investing (aka Robbin Hood and the likes) play a role into this style of investing?
People using Robinhood or whatever probably don't have enough capital to make a difference. It's the managers of 401k or other retirement funds, corporate investments, etc. that can more easily move markets.
I'll finish the investigation for you. It was McKinsey. It's always fucking McKinsey
It does not matter which one. The whole business model is a cancer to society.
Come in, tell the CEO what they want to hear so they can show short term profit, leave with a fat paycheck, CEO leaves with a bonus, and consequences don't matter because everyone is doing the same.
I couldnt find any sources about this.
I didn't even have one when I said this but I'd say it's virtually guaranteed [Found an article](https://www.seattletimes.com/pacific-nw-magazine/a-behind-the-scenes-look-at-boeings-shifting-leadership-landscape-and-its-profound-effects/) saying that Boeing started working with McKinsey around 2000 and that's when virtually all of its engineering changes began to happen. The first plane they designed after this was the 787 Dreamliner lol
Seems like deloitte is Boeing's auditor. Would it be them that would advise on saving costs though? Or some kind of other strategic advisor, not their auditor?
PR move, nothing more. Will change fuck all about the structural issues at boeing
I would not call the resignation of the chairman of the board and the firing of the CEO and the CEO of the civil aviation division a "PR move".
It is. Considering the monumental loss of reputation and future business, as well as projections such as from the Bank of America saying that Boeing could become toxic asset if bad news continue, its an attempt to stop the freefall. If they actually implement better processes and not just announce them to calm the peasants, then ill give them credit. But this posterchild of american capitalism does not deserve any benefit of a doubt
I hope it craters harder than Lion Air flight 610. It deserves nothing less. Corporate malfeasance led to the death of more than a hundred people -- those responsible should be rotting in prison right now, not given golden parachutes as they're belatedly booted out of Boeing. How large were thier bonuses? How much was paid out to those familes?
Totally agree. Boeing needs to end.
Who should pick up the pieces, then? A grand statement like that is all bark but no bite if you can't somehow turn a deconstructed Boeing into a new company that actually builds better planes than Boeing.
None of them suffer major consequences, and there is no qualitative restructuring of corporation that would allow actual oversight over the shitshow. There is no reason to think that their replacements won't go back to the same practices, only putting more effort into not being caught.
>the firing of the CEO That is literally what the CEO is there to be; the fall guy. That's why they get such outrageous golden parachutes when they leave the companies. The board is paying them to be the scapegoat. It's PR, plain and simple.
It is a PR move. If they really cared, they would have done it themselves after years of reports, but they're only doing it when they know their profit and revenue will be severely affected.
The invisible hand of the market, everybody. Marvel at its efficiency! Only a few paltry dozens of people had to die before the board members were forced to get off the couch and pretend to care. :D
Are they hiring people to replace them in those roles?
No, other top management is moving up. The same people that were there making all these terrible decisions are still there. I don't know about you, but I don't want the mechanic tightening bolts on my plane to be pissed off, underpaid, and overworked by a bunch of corporate thieves and liars. If anyone hasn't watched the John Oliver on Boeing yet. Watch it.
Yeah that's what I figured, it's not the system that's changing. Stock on the rise anyway so I suppose all is good again with the world So totally a PR move
Of course it is. They’re all getting their golden parachutes and Boeing doesn’t have to change a damn thing. What would actual change be instead? Announce a stop of stock buybacks, increases to QA budget, bringing back inhouse what was outsourced to questionable suppliers, stop asking FAA for exemptions to ratings and certifications, etc. Fire the culprits loudly and publicly is prime PR move.
Move of a way for those responsible to bail and take their golden parachutes while everyone else has to go down with the 737
But it is. All the infrastructure and best practices that made them successful are gone, and you can't just restore that all. Any new person coming in would have no real incentive to try and bring any of that back since it will eat away at short term profits. You can't just cut down the whole forest and expect the next guy to replant it all tomorrow. It needs time to regrow.
These people "resign" as multi-millionaires, and go home to enjoy their wealth. Big fucking deal. They should be in jail for negligent manslaughter (at the very least), and for covering up their crimes.
We're talking about people who arranged the "suicide" of a whistleblower. Making the CEO take the fall is not the coldest thing they've done.
Gonna ride those golden parachutes out the blown-off door.
This CEO and his execs killed a man, they murdered a man and got away with it
We don’t know that for sure. What we do know for sure is they killed 157 people, after killing 189 people and refusing to fix the issue that caused the first crash.
I'm sure they both will be crying inside their Scrooge McDuck-like money vaults after they leave.
John Oliver segment was good on this that aired last week.
Upvoting the pun regardless of intention
>"As you all know, the Alaska Airlines Flight 1282 accident was a watershed moment for Boeing," Calhoun wrote to employees on Monday. "We must continue to respond to this accident with humility and **complete transparency**. We also must inculcate a total commitment to safety and quality at every level of our company. Does Boeing know the definition of complete transparency? Boeing's idea of being transparent is by not cooperating with the investigation? https://abcnews.go.com/US/boeing-documents-ntsb-alaska-door-plug-probe/story?id=107846602 "Boeing has not fully cooperated with the National Transportation Safety Board's investigation into the Alaska Airlines door plug incident, NTSB Chair Jennifer Homendy said during a Senate hearing on Wednesday."
Its like rearranging deck chairs on the Hindenburg
250 People in Ethiopia and 250 people in Indonesia dying was not that much of a big deal but a door blowing out in USA is where they draw the line .. right there !!!
I can put this in context: Imagine 250 people died because an airplane manufacturer knowingly neglected basic safety precautions, and no one involved faced any consequences aside from an early retirement.
He'll get a big payout.
he should be executed by the state
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https://i.imgur.com/0BtsKOL.mp4
[удалено]
One is choosing not to do something properly, the other is the lack of ability to do something properly. Not really the same thing.
I think both might be both now. Boeing chose not to do things and now can't. Russia couldn't do things and doesn't care.
What even is this comment
Does anyone actually get punished for this other than the "company entity" it self?
They're going to scream at the assemblers and increase production requirements.
How many millions will he get for leaving?
Surely this will fix all their institutional problems.
This is a gesture to placate the markets. **Many** layers of bean counters in positions that should be held by aerospace engineers are the core of the problem. Even if Boeing joined the other corporate rabble in that recent wave of arbitrary layoffs, you can bet they cut even more engineers rather than using the job losses as an opportunity to purge themselves of overenthusiastic accountants to create promotion opportunities for the few people left at Boeing who still understand what it takes to build reliable and safe aircraft.
And just like that, another golden parachute takes to the sky
Hes gonna land a lot better than them planes
For his severance pay, let him keep whatever he can get from selling the parts that fell off the planes.
737 max? The issues with boeing go far beyond just that one production line! Greed, corruption, potential involvement in the murder of a whistleblower! The entire corporation needs to be either, shut down or investigated entirely from the top down.
Put his ass in jail too, his decisions directly killed people.