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Boeing CEO Dave Calhoun has announced a major shakeup of the company’s leadership, with his intention to leave by the end of the year. This news comes after Larry Kellner, Boeing’s chairman, and head of the commercial airplane unit also departed. In addition, Steve Mollenkopf, former Qualcomm CEO, will succeed Kellner as chairman.

Boeing has faced significant challenges over the last five years, including fatal crashes of the 737 Max in 2018 and 2019 and a recent incident involving an Alaska Airlines 737 Max in January. These problems have led to safety groundings and over $31 billion in cumulative losses. In a letter to Boeing employees, Calhoun referred to the Alaska Airlines incident as “a watershed moment,” emphasizing the need to fix what isn’t working and get the company back on track.

Calhoun, a longtime board member at Boeing, became chairman in late 2019 and CEO in January 2020 after his predecessor, Dennis Muilenburg, was ousted. His tenure began amidst a 20-month grounding of the 737 Max and the onset of the COVID-19 pandemic, which greatly impacted air travel and Boeing’s financial stability. The story is still developing and will be updated as new information becomes available.

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