The US aerospace giant Boeing announced today that the company’s CEO, Dave Calhoun, will resign by the end of 2024. This decision is a response to the repercussions faced by Boeing following a major safety incident on an Alaska Airlines flight in early January.

Having led Boeing as Chief Executive Officer for a duration of four years, Mr. Calhoun assumed his position following the company’s prior safety mess, when all Boeing 737 Max planes were grounded worldwide in 2019 after two fatal crashes in Indonesia and Ethiopia resulted in 346 deaths. After a two-year prohibition, these aircraft were finally authorized to resume flight operations in 2021.

The latest incident on Alaska Airlines Flight 1282, when a door plug (a structure installed to replace an optional emergency exit door) on the Boeing 737 MAX 9 jet blew out, leading to an uncontrolled decompression of the plane, is currently being investigates by the authorities.

Outgoing Chief Executive issued a statement today, recognizing the difficulties that the company is currently confronting, while expressing full confidence in Boeing’s ability to overcome these challenges and emerge stronger. Calhoun stressed company’s unwavering commitment to ensuring safety and quality as its employees continue working together to restore stability after the exceptional hurdles faced over the past five years.

“The eyes of the world are on us, and I know that we will come through this moment a better company,” Boeing CEO added.

Boeing announced that Larry Kellner, who has been a board member for almost 15 years, will not seek re-nomination for another term at the company’s upcoming annual shareholder meeting in the spring. As a result, Steve Mollenkopf, the former CEO of chipmaker Qualcomm, will immediately assume the role of Boeing’s board chair and oversee the quest for a new chief executive. Boeing stated that this leadership transition will also affect the company’s board of directors.