Boeing removes CEO from chairman role, names replacement
Boeing CEO Dennis Muilenburg has been removed from his role as chairman of the company after Boeing’s board of directors voted to separate the roles of CEO and chairman, the latest step in the ongoing saga of the 737 MAX that’s seen the plane grounded after two fatal crashes that claimed the lives of 346 passengers and crew.
Muilenburg will remain on Boeing’s board of directors, while lead director David Calhoun will assume the role of nonexecutive chairman. Calhoun emphasized that this decision does not reflect a loss of confidence in Muilenburg’s ability to run the company, saying in a statement that, “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.” In the same release, Muilenburg supported the board’s decision and said that the “entire team is laser-focused on returning the 737 MAX safely to service.”
Both MAX crashes were tied to the Maneuvering Characteristics Augmentation System (MCAS), a piece of software designed to automatically stabilize the pitch of the airplane in the event of a stall. Boeing is now the subject of multiple federal inquiries and even civil suits from the family of victims into the process by which MCAS was designed and tested.
Last month, Boeing announced the creation of a new product safety division within the company, and has announced plans to add a board member with safety experience in the near future.
Boeing has lost billions of dollars in canceled or delayed orders in the six months that the 737 MAX has been grounded, adding extra pressure as the company tries to convince regulators and passengers worldwide that its software updates are sufficient to get the plane safely flying again. The three biggest North American operators of the MAX, United Airlines, American Airlines and Southwest Airlines, have all extended their flight cancellations into 2020.
Welcome to The Points Guy!
WELCOME OFFER: 80,000 Points
TPG'S BONUS VALUATION*: $1,650
CARD HIGHLIGHTS: 2X points on all travel and dining, points transferrable to over a dozen travel partners
*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.
- Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 when you redeem through Chase Ultimate Rewards®. Plus earn up to $50 in statement credits towards grocery store purchases within your first year of account opening.
- Earn 2X points on dining including eligible delivery services, takeout and dining out and travel. Plus, earn 1 point per dollar spent on all other purchases.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 80,000 points are worth $1,000 toward travel.
- With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.