*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.
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
Aurimas Sabulis, CEO of Dextall, unveils how AI‑driven prefabricated façades slash design time by 80%, labor by 87%, and accelerate affordable housing delivery.
Online broker Robinhood Markets will join the S&P 500 index Online broker Robinhood Markets will join the S&P 500 index as its stock rides higher on a cryptocurrency wave.
Trump wants interest rates to plummet to make borrowing cheaper and boost growth. Fed chair Jerome Powell and his allies say not so fast, they need to bala
