Boeing Co ousted Chief Executive Dennis Muilenburg as the world’s biggest planemaker sought to control an escalating crisis that has seen it halt production of its best-selling 737 MAX jetliner following two fatal crashes. Chairman David Calhoun will take over as CEO and president, effective from Jan. 13, the company said, adding that a change in leadership was necessary to restore confidence. The company’s shares, which have dropped more than 20% over the past nine months, rose nearly 4% in early trading. PHONE CALLA Boeing official said the board deliberated over the weekend and decided to fire Muilenburg in a phone call on Sunday. Muilenburg is a lifelong Boeing engineer who fought a rising tide of public and regulatory scrutiny to try to steady the company during the crisis, but who failed to overcome a stilted public image.

Source: The Star December 23, 2019 15:56 UTC