LONDON – Boeing’s Board of Directors have announced revision of their retirement age for the Company’s President and Chief Executive Officer. Additionally, Boeing’s Chief Financial Officer, Greg Smith will retire in July 2021.
Boeing maintains a policy of mandatory retirement at 65. However, the Board of Directors have taken a decision to waive this rule for David Calhoun. This means Calhoun must retire by April 1 2028, he does not have a fixed term employment with Boeing.
“Under Dave’s strong leadership, Boeing has effectively navigated one of the most challenging and complex periods in its long history,” said Boeing Chairman Larry Kellner.
“His dedication to renewing the company’s commitment to safety, quality and transparency has been critical in building regulator and customer confidence as Boeing returns the 737 MAX to service. And, in the face of unprecedented challenges brought on by the global pandemic, he has taken proactive actions to ensure Boeing remains strongly positioned for the recovery in the aviation industry. 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.”, Kellner continued.
Smith’s retirement announcement comes alongside the career extension for Calhoun. Boeing is yet to announce a successor, whilst a is search is conducted.
Mr. Smith said, “Boeing is one of the world’s greatest companies. I could not be prouder of the 140,000 people who work hard every day to deliver on our promises to all stakeholders and live our foundational values. With the company well positioned going forward, the timing is right for me personally to begin a new chapter outside of Boeing. I will always cherish and be grateful for the experiences I have had, and the relationships I have made, in my thirty years at Boeing.”
More than a CFO
Smith appointment as Chief Financial Officer occurred in 2011. Throughout his career, his role was expanded. These include executive vice president of Finance, Enterprise Performance and Strategy, executive vice president of Enterprise Operations, Finance and Sustainability. Additionally, he served as interim CEO prior to Calhoun’s appointment.
Mr. Calhoun said, “Greg is a remarkable business leader and we will always be thankful for his many contributions to Boeing. His stewardship of the company’s financial position for nearly a decade, and his leadership during the severe challenge our industry has faced as a result of the global pandemic, have been essential to positioning Boeing for a bright future. As part of these efforts, he led the largest bond offering in the company’s history and launched a comprehensive transformation program that will leave our business stronger and more resilient. Greg has also driven Boeing to be a better and more competitive company through his oversight of enterprise operations, sustainability, performance and strategy. He leaves a legacy of leadership and lasting impacts over his 30-years with Boeing. I’m also grateful for Greg’s commitment to support the upcoming transition, and for his counsel as we select his successor.”