Boeing board separates CEO, chairman roles

Published: Oct 11, 2019 6:37 p.m. ET

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Boeing Co. BA, -6.79% said late Friday its board voted to separate the roles of chief executive and chairman. The aviation company said Dennis Muilenburg will continue as CEO, president and a board member, while David Calhoun, the current independent lead director, will become non-executive chairman. "The board has full confidence in Dennis as CEO and believes this division of labor will enable maximum focus on running the business with the board playing an active oversight role," said Calhoun in a statement. "The board also plans in the near term to name a new director with deep safety experience and expertise to serve on the board and its newly established Aerospace Safety Committee." Boeing has been beleaguered all year by groundings of its 737 Max jet, following suspected software problems that likely contributed to the crashes of Lion Air Flight 610 and Ethiopian Airlines Flight 302. Boeing shares declined 0.2% after hours, following a 1.1% rise to close at $374.92. Shares are up 16% for the year.