Boeing increases the mandatory retirement age for CEO Calhoun by 5 years, CFO to retire

Dave Calhoun, Boeing Chairman

Adam Jeffery | CNBC

Boeing announced Tuesday that the mandatory retirement age of its 64-year-old CEO will be raised from 65 to 70 as the company continues to face challenges due to the coronavirus pandemic, production issues and the aftermath of two crashes on its bestselling aircraft.

Boeing CFO Greg Smith will retire in July, the manufacturer said. Boeing said it was looking for a replacement.

“Under Dave’s strong leadership, Boeing has effectively mastered one of the most challenging and complex periods in its long history,” said Larry Kellner, Boeing chairman, in a press release. “Given the significant progress that Boeing has made under Dave’s leadership and the continuity required to thrive in our long cycle industry, the Board of Directors has determined that it is in the best interests of the company and its stakeholders to To allow the Board of Directors and Dave the flexibility to continue in his role beyond the company’s normal retirement age. “

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