*By Carlo Versano*
Boeing announced on Monday that Dennis Muilenburg, the aerospace giant's CEO, was resigning effective immediately. David Calhoun, Boeing's chairman, will replace Muilenburg as chief executive on Jan. 13. Until then, Boeing CFO Greg Smith will be elevated to interim CEO, the company said.
Boeing's board reportedly decided over the weekend that it was time for Muilenburg to leave, nearly 14 months to the day since a Boeing 737 Max operated by Lion Air crashed off the coast of Indonesia, sending the company into the biggest crisis in its corporate history. Less than six months after that Lion Air flight crashed, another Max jet operated by Ethiopian Airlines crashed. The two accidents, believed to be a combination of pilot error and faulty software, killed a combined 346 people.
Muilenburg was faulted for Boeing's early response to those two crashes, the second of which led to an unprecedented global grounding of the entire 737 Max fleet earlier this year. Since then, he became the face of the chastened company, testifying to Congress and apologizing to family members while Boeing technicians worked around the clock on a software fix to the system, known as MCAS, that's believed to have caused two otherwise routine commercial flights to fall from the sky.
Just last week, Muilenburg made the decision to temporarily stop production of the 737 Max entirely, at least until the FAA gave the go-ahead for the software fix. Then, over the weekend, the company took another morale hit when its Starliner space capsule had to abort an unmanned mission to the ISS because its internal clock was set wrong.
Shares of Boeing rose nearly 3 percent on the announcement of Muilenburg's departure.
The average rate on a 30-year mortgage fell 0.06% last week. Although the rate is much higher than it was two years ago, the decline could relieve buyers already dealing with low inventory and high prices.
As millions of Americans are set to retire, John Carter, President & COO of Nationwide Financial, shares what to expect and how consumers of all ages can better prepare for their golden years.
The heated hearing began with recorded testimony from kids and parents talking about being exploited on social media. Throughout the hours-long event, parents who lost children to suicide silently held up pictures of their dead kids.
Adtalem CEO Steve Beard addresses a report from Safkhet Capital taking the short position on the for-profit education giant, plus why he believes there should be financial recourse for student loan borrowers misled by their institutions.
CEO of Americares Christine Squires shares how the organization is helping provide medical assistance in a time of increasing instability, war, and climate-related disaster.
Doug Clinton, Deepwater Asset Management managing partner, shares tips for investors looking to take advantage of the massive boom in artificial intelligence beyond Microsoft and Nvidia.
Jason Moser, analyst and adviser at the Motley Fool, shares thoughts on recent tech earnings, including what’s behind Google’s share price drop and why A.I. could be Microsoft’s ‘iPhone moment.’
