Boeing accepts responsibility for faulty 737 MAX software: 'We own it'

Boeing CEO Dennis Muilenbug on Thursday apologized for the "erroneous activation" of the company's maneuvering software in two 737 MAX 8 passenger jets that crashed last month and last year.

"We extend our sympathies to the loved ones of the passengers and crew on board Lion Air Flight 610 and Ethiopian Airlines Flight 302," he said, explaining the faulty system that may have caused a sudden nosedive. "It's our responsibility to eliminate this risk. We own it and we know how to do it."

Ethiopian officials said Thursday that a preliminary report on the crash of an Ethiopian Airline flight last month showed that the pilots followed all the procedures recommended by Boeing before crashing minutes after takeoff, killing 157 people. Ethiopian officials recommended Boeing review "the aircraft flight control system related to the flight controllability." Muilenburg said "we remain confident in the fundamental safety of the 737 MAX."

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All 737 MAX aircraft were grounded worldwide last month while Boeing completed a software update to the flight-stabilization system. Read the full statement at MarketWatch or watch below. Summer Meza