Boeing ousts CEO Dennis Muilenburg to 'restore confidence in the company'

Dennis Muilenburg is out as the CEO of Boeing.

Boeing said Monday Muilenburg has resigned after the board of directors decided a leadership change was "necessary to restore confidence in the company moving forward as it works to repair relationships with regulators, customers, and all other stakeholders," The New York Times reports. The company has been engulfed in crisis following two 737 Max crashes that killed more than 300 people and led to numerous investigations.

Chairman David Calhoun has been named Boeing's new CEO effective in January. The new non-executive chairman of the board Lawrence Kellner promised Monday "marks a new way forward for our company."

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Boeing recently decided to temporarily halt production of the grounded 737 Max jet, which has remained grounded since March. Calhoun on Monday said, "I strongly believe in the future of Boeing and the 737 MAX." Shares of Boeing stock rose 3 percent Monday morning, CNBC reports.

Bloomberg writes Muilenburg's ouster is a "once-unthinkable turning point" for Boeing, noting Calhoun "now faces the daunting task of extricating Boeing from one of the bleakest chapters in its 103-year history."