The CEO of Boeing, Dave Calhoun, will step down by the end of this year, as announced by the company on Monday.

Calhoun's departure comes amidst a series of challenges faced by the aircraft manufacturer this year, notably highlighted when an Alaska Air flight, operating one of Boeing's 737 MAX 9 planes, experienced a panel loss during mid-flight in January.

Last week, Boeing's CFO Brian West indicated that the company anticipates cash outflows of up to $4.5 billion in the current quarter as efforts are made to strengthen its production capabilities.

Following the announcement, Boeing's stock surged by as much as 2.5%. However, as of Friday's closing, the stock had plummeted by over 27% this year.

Furthermore, the company disclosed on Monday that Larry Kellner, the current chairman of its board, will not seek re-election at the upcoming annual shareholders meeting. Steve Mollenkopf, who has been a member of Boeing's board since 2020 and previously served as the CEO of Qualcomm, will take over from Kellner and oversee the quest for the next CEO. Additionally, Stan Deal, the current CEO of Boeing's Commercial Airplanes segment, is set to retire.

In a message to employees, Calhoun acknowledged the Alaska Air incident as a turning point for Boeing, stating, "The world is watching us," and expressing confidence that the company will emerge stronger, building upon the lessons learned during the recent years of Boeing's reconstruction.

Calhoun assumed the role of Boeing CEO in January 2020, a time when the company was grappling with the aftermath of two fatal crashes involving its 737 MAX jets — the Lion Air crash in October 2018 and the Ethiopian Airlines crash in March 2019 — which claimed a total of 346 lives.

In his communication, Calhoun revealed that he had been contemplating stepping down for quite some time.

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