Boeing announced on April 20 that its Board of Directors has raised the mandatory retirement age from 65 to 70 for President and Chief Executive Officer David Calhoun (above left). Aged 64, Calhoun took the position in January 2020 after the ouster of Dennis Muilenberg and would ordinarily have to step down in another year.
According to Boeing Chairman Larry Kellner, the board's decision was based on Calhoun's success in steering the company through the pandemic and resolving the issues surrounding the 737 MAX, which had contributed to his predecessor's departure.
Kellner said: "Given the substantial progress Boeing has made under Dave's leadership, as well as the continuity necessary to thrive in our long-cycle industry, the Board has determined that it is in the best interests of the company and its stakeholders to allow the Board and Dave the flexibility for him to continue in his role beyond the company's standard retirement age."
In the same announcement, Boeing also said that Chief Financial Officer Gregory Smith (above right), who had served as interim CEO during the transition between Muilenberg and Calhoun, is retiring from the company effective July 9. Smith had been with Boeing for over three decades and was appointed CFO in 2011, subsequently taking on expanded roles as Executive Vice President of Finance, Enterprise Performance, and Strategy, and later Executive Vice President of Enterprise Operations, Finance and Sustainability.
Analysts had viewed Smith as a potential successor to Calhoun. However, Boeing has not linked his departure to the extension of the CEO's retirement age.