Boeing fires CEO Dennis Muilenburg following series of setbacks

American Aerospace company, Boeing has fired CEO Dennis Muilenburg after a turbulent year, in which the company faced a series of setbacks.

Boeing's 737 Max, which was designed to be the company's primary commercial aircraft, has been involved with two deadly crashes which killed all 346 people aboard. It has also been grounded for months.

Boeing said in a press release on Monday, December 23, that its board of directors decided "a change in leadership was necessary to restore confidence in the company moving forward as it works to repair relationships with regulators, customers, and all other stakeholders."

“The Board of Directors decided that a change in leadership was necessary to restore confidence in the Company moving forward as it works to repair relationships with regulators, customers, and all other stakeholders,” said the news release, issued shortly before Wall Street opened. “Under the Company’s new leadership, Boeing will operate with a renewed commitment to full transparency, including effective and proactive communication with the FAA, other global regulators, and its customers.”

The board’s current Chairman David Calhoun will become president and CEO, taking over from Muilenburg, 55, who became CEO of the world's largest aerospace company in July 2015.

"I strongly believe in the future of Boeing and the 737 MAX. I am honored to lead this great company and the 150,000 dedicated employees who are working hard to create the future of aviation,” Calhoun, who will resume on January 13, 2020, said in a statement.