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US aerospace giant Boeing has been criticized for extending the standard retirement age for directors from age 65 to 70 to allow CEO David Calhoun to potentially stay at the helm until 2028.
Calhoun, who has been president and chief executive of the company since he took over from beleaguered predecessor Dennis A. Muilenburg in January 2020, turned 64 this year and the board cited his performance so far and the need for continuity as reasons for the decision.
The move was slammed by lawyers representing families of victims of one of two 737 MAX crashes that took the lives of 346 people and saw the aircraft grounded for more than 18 months.
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Calhoun became Boeing CEO about halfway through nearly two-year grounding of 737 MAX
Two Boeing 737 MAX crashes took lives of 346 people
The reaction was swift to today’s action by the Boeing Board of Directors that raised the minimum mandatory retirement age for executives from 64 to 70. The current CEO Dave Calhoun turned 64 this week.
Calhoun became Boeing CEO in January 2020, about halfway through the nearly two-year grounding of the 737 MAX following two crashes that took the lives of 346 people.
Michael Stumo, father of Samya Rose Stumo who was killed in the crash, said, “Boeing needs to search for new leadership with demonstrated experience in and commitment to great engineering, flawless manufacturing and reinvesting in the business for the long term. Calhoun was a GE Vice President and board member as it’s short termism and cost cutting led to its ultimate decline. In his 12 years at Boeing, he continued the pattern as the company fired engineers, offshored cri
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