- After about five years in the position
- Praise and thanks for Calhoun
- Search for a successor
- Calhoun said 73 words
(exechange) — Arlington, Virginia, March 25, 2024 — Dave Calhoun, chief executive of Boeing, is set to leave his position. As announced by Boeing Co. in a news release on Monday, March 25, 2024, David L. (Dave) Calhoun leaves his post as chief executive officer at the planemaker, after about five years in the role, effective December 31, 2024.
Boeing will undertake a search for a successor.
Long goodbye
It is a long goodbye. The announcement of Dave Calhoun’s move comes up to nine months prior to his planned departure from the post of CEO.
In general, a top executive who announces the departure particularly early may be considered a lame duck.
Lengthy lead times give boards extra time to find replacements, and they also create uncertainty. Would-be successors may jockey for attention and workers may wonder who is actually in charge.
Generally speaking, lame-duck leaders can take a forceful role in selecting a successor and are not expected to launch major shifts.
Dave Calhoun’s move coincides with a management shake-up also involving the position of Boeing Commercial Airplanes President and CEO.
“Safety and quality at the forefront of everything”
Boeing did not give an explicit reason for Dave Calhoun’s planned departure from the CEO post. Calhoun stated: “We will remain squarely focused on completing the work we have done together to return our company to stability after the extraordinary challenges of the past five years, with safety and quality at the forefront of everything that we do.”
Precise information regarding Dave Calhoun’s future plans was not immediately available.
“Step down”
Boeing said: “Boeing [NYSE: BA] President and CEO Dave Calhoun today announced his decision to step down as CEO at the end of 2024, and he will continue to lead Boeing through the year to complete the critical work underway to stabilize and position the company for the future.”
Share price decline since January 2020
The announcement follows a decline in Boeing Co.’s share price of 43% since January 2020. January 2020 is the month in which Calhoun’s tenure as CEO began.
In the position of CEO since 2020
Dave Calhoun became CEO of the Company in 2020.
Calhoun has served as President and Chief Executive Officer since January 2020 and a member of the Board of Directors since June 2009.
Previously, Calhoun served as Senior Managing Director & Head of Private Equity Portfolio Operations at The Blackstone Group from January 2014 to January 2020.
Prior to that, Calhoun served as Chairman of the Board of Nielsen Holdings plc from January 2014 to January 2016, as Chief Executive Officer of Nielsen Holdings plc from May 2010 to January 2014, and as Chairman of the Executive Board and Chief Executive Officer of The Nielsen Company B.V. from August 2006 to January 2014.
Prior to joining Nielsen, he served as Vice Chairman of General Electric Company and President and Chief Executive Officer of GE Infrastructure.
During his 26-year tenure at GE, he ran multiple business units including GE Transportation, GE Aircraft Engines, GE Employers Reinsurance Corporation, GE Lighting and GE Transportation Systems.
Calhoun also serves on the board of directors of Caterpillar Inc.
73 words by Dave Calhoun
In the release announcing his departure as CEO of Boeing Co., Dave Calhoun received praise and thanks.
In announcing his departure, Dave Calhoun said 73 words.
“The eyes of the world are on us”
Dave Calhoun stated: “It has been the greatest privilege of my life to serve Boeing. The eyes of the world are on us, and I know that we will come through this moment a better company. We will remain squarely focused on completing the work we have done together to return our company to stability after the extraordinary challenges of the past five years, with safety and quality at the forefront of everything that we do.”
The above text is an excerpt from the exechange report 14.2024 ($), publication date April 1, 2024.