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sadiqutp
Posts: 290
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 8:14 pm

Reuters states a firing rather than a resignation

“The Board of Directors decided that a change in leadership was necessary to restore confidence in the Company moving forward as it works to repair relationships with regulators, customers, and all other stakeholders,” it said in a statement.

https://www.reuters.com/article/us-boei ... SKBN1YR1FL

I find it disappointing that a "sacrificial lamb" method was favored over an actual investigation into what went wrong. Wall street muscle their way yet again
 
rbavfan
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 8:21 pm

TTailedTiger wrote:
Please tell me that if there is anyone left from McDonnell-Douglas that they will be given the same treatment.

Could this mean the NMA is back on the table after the Max is sorted out? Boeing needs to change the channel quickly and move on.


Agree fully with line 1.
 
rbavfan
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 8:24 pm

tommy1808 wrote:
glideslope wrote:
Adipocere wrote:
This could be the where the fix is in. Politicians get cover to assert that the big man was fired and changes were made at Boeing; while the FAA gets the squeeze to approve the plane to keep all those jobs afloat in an election cycle year.


God I hope you’re wrong. I could see this though. Hard to trust any Boeing moves at this point.


Nah. If oversight was the problem business can't continue with the same person in charge. The press release is pretty clear, if restoring "confidence," "repair relationships," and demonstrate a "renewed commitment to (...) transparency." are why he had to go, than that is exactly what he stands in the way off. He is probably literally the tip of the iceberg of changes in personal and organisation to to create a load bearing DQA process moving forward. No politics beyond that, and not much of a point in it, as EASA, CAA et al are not going to blindly follow the FAA with the return to service.

Best regards
Thomas



Funny the number of people that think once the FAA approves it, they will be able to fly it to Canada or across the pond.
 
Brickell305
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 8:25 pm

sadiqutp wrote:
Reuters states a firing rather than a resignation

“The Board of Directors decided that a change in leadership was necessary to restore confidence in the Company moving forward as it works to repair relationships with regulators, customers, and all other stakeholders,” it said in a statement.

https://www.reuters.com/article/us-boei ... SKBN1YR1FL

I find it disappointing that a "sacrificial lamb" method was favored over an actual investigation into what went wrong. Wall street muscle their way yet again

To be fair, one of the best ways to ensure that there is an actual thorough, impartial investigation would be to remove a leader who could influence the investigation in which they have a vested personal interest in an outcome that clears them personally.
 
rbavfan
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 8:27 pm

DoctorVenkman wrote:
How many millions will he get for tarnishing Boeing's reputation? I'm guessing at least an 8-figure package


You realize the design of the 737max was set & frames made and started ground testing before he became CEO. The first flight was 6 months after he became CEO. So why are the ones responsible that are still there left free and clear why he becomes Boeings "lamb to slaughter."
 
rbavfan
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 8:32 pm

par13del wrote:
Well if fired his package will be larger unless they intend to go public and show his personal wrong doings, not sure Boeing wants that publicity right now, so legally, he resigned allowing him to get his golden parachute as normal and Boeing to avoid being hit for transparency or lack there of.


The best thing Boeing could do publicly right now is to open up and show his wrongdoing. As well as others involved. It would prove they want change and are willing to be open about their issues. The public wants to know there really will be a change in culture.
 
JibberJim
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 8:35 pm

rbavfan wrote:
You realize the design of the 737max was set & frames made and started ground testing before he became CEO. The first flight was 6 months after he became CEO. So why are the ones responsible that are still there left free and clear why he becomes Boeings "lamb to slaughter."


I think it's his incompetent handling of the case since, that has lost him his job, including possibly not doing anything to deal with those actually responsible.
 
dampfnudel
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 8:38 pm

Christmas came a little bit early this year.
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Monotropa
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 8:42 pm

At this point for Boeing, it’s all about regaining some semblance of public and investor trust. Boeing’s success is a win for everyone and their struggles weigh our entire industry down.

In terms of the semantic argument here, whether he was fired or actually resigned is probably less important than the fact that he’s gone. I get the idea that we all want to apply an accurate definition to his departure, but notwithstanding what Boeing put in their presser...I think it’s fair to assert that he wasn’t given an option to stay. I doubt we’ll ever know what was actually said in the board room.
 
MSPNWA
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 8:52 pm

ltbewr wrote:
The forced resignation of Mulienberg was likely done as a quick fix to placate the shareholders, especially institutional ones and slow the decline at least short term of the per-share price of Boeing stock, especially as near the end of the quarter. I bet the stock has gone up in price since the resignation was announced this morning.


It has. The stock has been up around 3% all day.

I agree. This smells of a move to give a short-term boost to the investment side. The press release also points in that direction. This is what I don't get. You have many saying Boeing is putting stock price over this, stock price over that. Now here's a move that is possibly - if not very likely - is about stock price/image, and now many are applauding the move. Makes no sense because it's not a logical train of belief.

ltbewr wrote:
I just wish instead of getting a golden parachute of $10's of millions, he got kicked to the curb like most of us if resigned/fired with only a last paycheck and no severance. He has enough wealth that won't have to worry about living on the streets, digging for food in dumpsters or without health insurance. Good Riddance to bad rubbish.


This I disagree with. Yes, we know he won't have to worry about having a wealthy life, but this situation isn't what someone works their whole life for. He got screwed by things that happened before he was CEO. You won't right the "corporate wrong" of enriching failed executives by making an example out of one person. He doesn't deserve to pay because others didn't.
 
VanBosch
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 8:55 pm

If you were in PR the best approach would be to get all the bad news out, fire the CEO and get the new guy in when the company is ready to move on. Maybe this means there is a path to fly again for the Max imminently.

Or maybe he was fired because the news is so bad they had to act.
 
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msp747
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 8:58 pm

m007j wrote:
As for Calhoun: I said it before in the thread where Muilenberg lost his chairman of the board title, he's an investment banker and finance kind of guy-he is NOT here for any sort of cultural change. IMO he's the wrong guy for this rebuild, but the people screaming for someone's head really don't care because they got someone, anyone, instead of Muilenberg.
Look for him to prioritize moves that get the stock price back up, rather than a real long-term strategy that focuses on innovation and safety.

This is spot on. Too many people are celebrating Muilenberg's demise and not looking at his successor. I personally have trouble believing a former GE bean-counter who has had a front row seat for all of Boeing's missteps over the past decade (he joined the board in 2009) is going to fix what ails Boeing. If anything, I'd bet Calhoun will cut R&D and future commercial aircraft programs to focus even more on share buybacks. There will be no culture change. This is nothing more than rearranging the deck chairs on the Titanic.
 
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scbriml
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 9:09 pm

sadiqutp wrote:
Reuters states a firing rather than a resignation


Yet Boeing still says he resigned! :spin:

The Company also announced that Dennis A. Muilenburg has resigned from his positions as Chief Executive Officer and Board director effective immediately.
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Adipocere
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 9:13 pm

I wish there was some more discussion on what the new guy Calhoun believes in. I can’t imagine how a guy with “GE, accounting” on his resume is still employable!
 
Lootess
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 9:14 pm

Elementalism wrote:
blueflyer wrote:
I'm a little bit surprised he was fired now. After sticking with him this long, I expected the board to keep him around until the Max was back in the air, then send him into retirement.

I guess between both a public and private dressing down from the head of the FAA, and losing confidence over multiple deadlines from the heads of major customers (AA, Southwest), the board felt they could not wait any longer.

qf789 wrote:
Boeing CEO Dennis Muilenburg has resigned as Boeing CEO and from the board, effective immediately.

Corporate speak for he was fired! Read the press release. Not a word of thanks, no commendation, no lame excuse, none of the usual attempts to make a parting of ways look amicable and planned. Instead, they need to "restore confidence," "repair relationships," and demonstrate a "renewed commitment to (...) transparency." That press release could not have been harsher if he had willfully driven a school bus full of nuns and orphans into a ditch. The board clearly decided enough was enough and told him not to come to the office today...


IMO He was out regardless but I thought he was going to stick around through the crisis. But given the crisis has no definitive end and they shut down production. A change needed to be made. End of year is as good a time as any. And I do not expect this to be the last. There is going to be a culture change by gutting upper management imo.


Boeing Starliner failure to reach ISS orbit was probably the nail on the coffin.
 
smokeybandit
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 9:15 pm

Two ways to allay public concern about a situation: Form a committee or fire someone in charge.

Actually fixing the problem doesn't change the narrative.
 
Lootess
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 9:17 pm

Adipocere wrote:
I wish there was some more discussion on what the new guy Calhoun believes in. I can’t imagine how a guy with “GE, accounting” on his resume is still employable!


Larry Kellner, former Continental CEO being the chairman now is bigger news. Hand-tapped his right-hand, Jeff Smisek to take the reigns there. But he's also a numbers guy, so that'll be interesting.
 
Lootess
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 9:31 pm

Chicago Tribune: "The Chicago-based aircraft manufacturer said Monday that Dennis Muilenburg will depart immediately. The board’s current chairman, David Calhoun, will officially take over Jan. 13."

AKA he was fired. If you resign voluntarily, there is usually the transition plan but in this case the board probably called and said get your resignation in the next hour, the CFO is taking your job immediately until David takes over.
 
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eisenbach
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 9:32 pm

___
In my opinion, Muilenberg didn't have another choice in acting, as he had had in the MAX crisis!

I work a lot with large corporations and nowadays, especially in the US, the CEO's do not have much power in steering their companies anymore. I am sure, Muilenberg was advised / forced by Boeing's legal team and the board member how to react and act in every minute!

CEO's have to obey the internal guidelines, advisors, board decisions,... and are not anymore entitled to a strong personal opinion and even announcing their opinion in public. They don't want to be exposed and are afraid of making errors when not double checking with their legal team.

The main problem for Boeing (and many large US companies) are not the CEO's, but the corporate and legal culture of our time. There are less and less "leaders", trying to change a company completely or even admitting mistakes and apologizing, as this might affect the stock performance.

I fear, not much will change at Boeing by changing the CEO ... the change will just happen by public pressure!

Your thoughts???
DC-6, DC9, Do228, Saab340, Twin-Otter, C212, Fokker50, AN24, MD90, MD83, EMB120, A380, A300, A343, A346, B721, B742, B744, B748...
 
kayik
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 9:33 pm

A CEO is a leader;
-not someone who does "whatever" perfectly
-but someone who gets "whatever" done perfectly.
The second one is called managerial skills. It does not matter whether you are a historian or engineer or accountant or psychologist, etc; as long as you have the skill. DM did not have it.

Please have a look at the list of Boeing shareholders, they are either investment companies or mutual funds making up 70%. The rest is held more then 2500 institutions whoever they are. Less the 1% is attributed to real people, DM being the major one. Boeing is Wall Street. They don't even know how many people they have killed. All they know is share price. What do you expect?

https://finance.yahoo.com/quote/BA/holders/
 
9Patch
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 9:33 pm

rbavfan wrote:
tommy1808 wrote:
glideslope wrote:

God I hope you’re wrong. I could see this though. Hard to trust any Boeing moves at this point.


Nah. If oversight was the problem business can't continue with the same person in charge. The press release is pretty clear, if restoring "confidence," "repair relationships," and demonstrate a "renewed commitment to (...) transparency." are why he had to go, than that is exactly what he stands in the way off. He is probably literally the tip of the iceberg of changes in personal and organisation to to create a load bearing DQA process moving forward. No politics beyond that, and not much of a point in it, as EASA, CAA et al are not going to blindly follow the FAA with the return to service.

Best regards
Thomas



Funny the number of people that think once the FAA approves it, they will be able to fly it to Canada or across the pond.


Funny the number of people that think the EASA and TCCA will never approve it.
 
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keesje
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 9:34 pm

It can take 8-10 years to wreck / drain a good company. McNerney started it but got out in time.
"Never mistake motion for action." Ernest Hemingway
 
Lootess
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 9:36 pm

eisenbach wrote:
___

CEO's have to obey the internal guidelines, advisors, board decisions,... and are not anymore entitled to a strong personal opinion and even announcing their opinion in public. They don't want to be exposed and are afraid of making errors when not double checking with their legal team.

The main problem for Boeing (and many large US companies) are not the CEO's, but the corporate and legal culture of our time. There are less and less "leaders", trying to change a company completely or even admitting mistakes and apologizing, as this might affect the stock performance.


The fact he was stripped of his board chairmanship months ago says a lot, that means he effectively was under the mercy of the board itself versus directing the path forward. His marching orders were to get the MAX in the air. Instead, we have the FAA dressing him down publicly, a MAX supply chain shut down, a failed Starliner proving run for NASA, and no definitive timeline when the plane will return to the air.
 
usa330300
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 9:41 pm

bgm wrote:
trueblew wrote:
Thread title is inaccurate. He did not resign, he was fired. Rightfully so.


This.

The thread title should be changed to reflect that he was fired, not resigned.


Except that he resigned.
 
AirwayBill
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 9:42 pm

I also see this as a malicious trick to ease MAX recertification among others.

"See guys? We fired him! That mess was all on him! Now that he is gone, can we get the MAX flying now? New year, new us!"
 
Lootess
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 9:43 pm

usa330300 wrote:
bgm wrote:
trueblew wrote:
Thread title is inaccurate. He did not resign, he was fired. Rightfully so.


This.

The thread title should be changed to reflect that he was fired, not resigned.


Except that he resigned.


Resigned, under duress is a good way to put it nowadays.

Don't bother working today, hand in your devices and give them to the CFO, who is taking your job effective immediately. Even the press release didn't thank him for anything.
 
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PW100
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 9:46 pm

MSPNWA wrote:
ltbewr wrote:
I just wish instead of getting a golden parachute of $10's of millions, he got kicked to the curb like most of us if resigned/fired with only a last paycheck and no severance. He has enough wealth that won't have to worry about living on the streets, digging for food in dumpsters or without health insurance. Good Riddance to bad rubbish.


This I disagree with. Yes, we know he won't have to worry about having a wealthy life, but this situation isn't what someone works their whole life for. He got screwed by things that happened before he was CEO. You won't right the "corporate wrong" of enriching failed executives by making an example out of one person. He doesn't deserve to pay because others didn't.


How is that different to the blue collar worker who had worked his/her butt off for years, but gets fired anyway, because some one higher up the food chain chose a different path forward for the company?
Immigration officer: "What's the purpose of your visit to the USA?" Spotter: "Shooting airliners with my Canon!"
 
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PW100
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 9:48 pm

scbriml wrote:
sadiqutp wrote:
Reuters states a firing rather than a resignation


Yet Boeing still says he resigned! :spin:

The Company also announced that Dennis A. Muilenburg has resigned from his positions as Chief Executive Officer and Board director effective immediately.


The same Company also claimed the Max was (very) safe, and they were going to make it even safer . . . :spin: :spin:
Immigration officer: "What's the purpose of your visit to the USA?" Spotter: "Shooting airliners with my Canon!"
 
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Stitch
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 9:55 pm

rbavfan wrote:
So why are the ones responsible that are still there left free and clear why he becomes Boeing's "lamb to slaughter."


Even if he came in after many of the key decisions relating to the MAX were already made, as CEO his job was to address the issues and restore confidence in the airframe with the airlines and the general public.

He failed to do that.


msp747 wrote:
Too many people are celebrating Muilenberg's demise and not looking at his successor. I personally have trouble believing a former GE bean-counter who has had a front row seat for all of Boeing's missteps over the past decade (he joined the board in 2009) is going to fix what ails Boeing. If anything, I'd bet Calhoun will cut R&D and future commercial aircraft programs to focus even more on share buybacks. There will be no culture change. This is nothing more than rearranging the deck chairs on the Titanic.


The culture change will not come from one man in one C-suite office, but as CEO he can help kick that off as well as ensure the effort does not "wither on the vine" due to lack of focus or resources.


Adipocere wrote:
I wish there was some more discussion on what the new guy Calhoun believes in. I can’t imagine how a guy with “GE, accounting” on his resume is still employable!


Analyst consensus I have read is that he is a much better communicator than Muilenberg was and that lack of communication was a sore point with regulators, airlines and customers. His primary role will be to restore those lines of communication and through them confidence in Boeing and it's products.


AirwayBill wrote:
I also see this as a malicious trick to ease MAX recertification among others. "See guys? We fired him! That mess was all on him! Now that he is gone, can we get the MAX flying now? New year, new us!"


Good luck with that. The FAA dressed down Muilenberg in public for his comments regarding how quickly he believed the MAX would return to service. They're not going to suddenly reverse course now that he is gone. The MAX flies when regulators - of which the FAA is just one - believe it is ready, not when Boeing's CEO says it is.
 
Dldiamondboy
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 10:03 pm

blueflyer wrote:
I'm a little bit surprised he was fired now. After sticking with him this long, I expected the board to keep him around until the Max was back in the air, then send him into retirement.

I guess between both a public and private dressing down from the head of the FAA, and losing confidence over multiple deadlines from the heads of major customers (AA, Southwest), the board felt they could not wait any longer.

qf789 wrote:
Boeing CEO Dennis Muilenburg has resigned as Boeing CEO and from the board, effective immediately.

Corporate speak for he was fired! Read the press release. Not a word of thanks, no commendation, no lame excuse, none of the usual attempts to make a parting of ways look amicable and planned. Instead, they need to "restore confidence," "repair relationships," and demonstrate a "renewed commitment to (...) transparency." That press release could not have been harsher if he had willfully driven a school bus full of nuns and orphans into a ditch. The board clearly decided enough was enough and told him not to come to the office today...



Boeing wants his severance package to hit 2019 results and not 2020. I am sure he will be paid tens of millions in severance. Might as well pile all the loses in 2019.
 
Dldiamondboy
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 10:04 pm

blueflyer wrote:
I'm a little bit surprised he was fired now. After sticking with him this long, I expected the board to keep him around until the Max was back in the air, then send him into retirement.

I guess between both a public and private dressing down from the head of the FAA, and losing confidence over multiple deadlines from the heads of major customers (AA, Southwest), the board felt they could not wait any longer.

qf789 wrote:
Boeing CEO Dennis Muilenburg has resigned as Boeing CEO and from the board, effective immediately.

Corporate speak for he was fired! Read the press release. Not a word of thanks, no commendation, no lame excuse, none of the usual attempts to make a parting of ways look amicable and planned. Instead, they need to "restore confidence," "repair relationships," and demonstrate a "renewed commitment to (...) transparency." That press release could not have been harsher if he had willfully driven a school bus full of nuns and orphans into a ditch. The board clearly decided enough was enough and told him not to come to the office today...



Boeing wants his severance package to hit 2019 results and not 2020. I am sure he will be paid tens of millions in severance. Might as well pile all the loses in 2019.
 
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Dutchy
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 10:13 pm

About time, a CEO needs to take responsibility for its company if something goes wrong, that's why he is paid the big bucks. Doesn't matter if he personally did something wrong or not. In this case, he handled this also personally wrong and that's also a reason he should have left many moons ago.

Now I hope an engineer will fill this spot and Boeing will become a real engineering firm again, instead of a financial firm happened to build airplanes........
Last edited by Dutchy on Mon Dec 23, 2019 10:14 pm, edited 1 time in total.
Many happy landings, greetings from The Netherlands!
 
flipdewaf
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 10:13 pm

[quote="Stitch"][/quote]
I agree, the job of the CEO is to set the agenda and drive the culture of the company to legally enable the results that the shareholders want to achieve through strong leadership.

The CEO will lead by example whether they like it or not. Mr Muilenburg showed that he was leading by being closed and controlling information without providing a full picture to save face... that feels like where the MACs fubar originated to me

Fred


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9Patch
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 10:17 pm

kayik wrote:
Please have a look at the list of Boeing shareholders, they are either investment companies or mutual funds making up 70%. The rest is held more then 2500 institutions whoever they are. Less the 1% is attributed to real people, DM being the major one. Boeing is Wall Street. They don't even know how many people they have killed. All they know is share price. What do you expect?


People who buy mutual funds are real people.
 
Interested
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 10:23 pm

He was embarrassingly poor as a leader.

It was only a matter of time til he was sacked.

I'm surprised they've replaced him internally though. They really needed to appoint someone external with zero links to the shambles Boeing has become.
 
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AirlineCritic
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 10:53 pm

PW100 wrote:
The same Company also claimed the Max was (very) safe, and they were going to make it even safer . . . :spin: :spin:


Well, Mullenberg resigned but the board made him even fireder
 
frmrCapCadet
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 10:54 pm

The 777/777X transition is not going at all as well as Boeing had predicted. And the X will be about a year late, nor does it seem to be selling as well as Boeing predicted. It was this, not the pressurization test, that I had in mind.
Buffet: the airline business...has eaten up capital...like..no other (business)
 
MSPNWA
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 10:59 pm

PW100 wrote:
How is that different to the blue collar worker who had worked his/her butt off for years, but gets fired anyway, because some one higher up the food chain chose a different path forward for the company?


In general do people cheer when the blue collar worker gets the shaft due to leaders' mistakes or decisions? Unless you think two wrongs make a right, your analogy is flawed.
 
TTailedTiger
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 11:04 pm

scbriml wrote:
sadiqutp wrote:
Reuters states a firing rather than a resignation


Yet Boeing still says he resigned! :spin:

The Company also announced that Dennis A. Muilenburg has resigned from his positions as Chief Executive Officer and Board director effective immediately.


I don't understand why so many people are hung up on trying to say he was fired.
 
9Patch
Posts: 620
Joined: Wed Mar 13, 2019 10:38 pm

Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 11:19 pm

TTailedTiger wrote:
scbriml wrote:
sadiqutp wrote:
Reuters states a firing rather than a resignation


Yet Boeing still says he resigned! :spin:

The Company also announced that Dennis A. Muilenburg has resigned from his positions as Chief Executive Officer and Board director effective immediately.


I don't understand why so many people are hung up on trying to say he was fired.


It appears he was forced to resign.

Call it whatever you want, I call it getting fired.
 
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SEPilot
Posts: 5649
Joined: Sat Dec 30, 2006 10:21 pm

Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 11:21 pm

I suspect the recent dust-up between Boeing and the FAA sealed his fate. It was absolutely essential that Boeing make a major move (and follow it up with a very noticeable change in attitude) or the FAA would have basically held the MAX hostage. That was clearly the message they were sending. And this was Boeing’s answer. And call it whatever you want; there was no way he left voluntarily. Hopefully the new leadership will be able to come to terms with the FAA.
The problem with making things foolproof is that fools are so doggone ingenious...Dan Keebler
 
TTailedTiger
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Joined: Sun Aug 26, 2018 5:19 am

Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 11:32 pm

9Patch wrote:
TTailedTiger wrote:
scbriml wrote:

Yet Boeing still says he resigned! :spin:



I don't understand why so many people are hung up on trying to say he was fired.


It appears he was forced to resign.

Call it whatever you want, I call it getting fired.


But why does it matter? Do you have some kind of hatred for the guy? He's gone, why isn't that good enough?
 
Interested
Posts: 887
Joined: Thu May 19, 2016 12:19 pm

Re: Boeing CEO resigns, David Calhoun named President and CEO

Mon Dec 23, 2019 11:48 pm

blueflyer wrote:
rbavfan wrote:
You realize the design of the 737max was set & frames made and started ground testing before he became CEO. The first flight was 6 months after he became CEO. So why are the ones responsible that are still there left free and clear why he becomes Boeings "lamb to slaughter."

Because he lost the trust of the American Airlines and Southwest CEOs by giving multiple deadlines, none met, for a return to the skies.
Because reportedly no one either at Boeing or the FAA could support these deadlines based on progress accomplished thus far and work left to be completed.
Because he embarrassed the company when the head of the FAA reprimanded him for trying to pressure the agency into hurrying up their investigation.
Because when he had a unique opportunity to hang out with airline CEOs (aka customers) in a semi-private setting, hear them out, and assuage their concerns, he chose instead to go biking...



Because he showed zero charisma and is not the person to regain trust of authorities or the public

And because he was totally out of his depth
Last edited by Interested on Mon Dec 23, 2019 11:48 pm, edited 1 time in total.
 
SanDiegoLover
Posts: 431
Joined: Sat Dec 10, 2016 12:24 am

Re: Boeing CEO resigns, David Calhoun named President and CEO

Tue Dec 24, 2019 12:03 am

It’s nauseating to see that Mullenberg will get an exit package of $26,500,000 with a total payout over the next few years of $58,500,000 !!!

Just another perfect example of what is wrong with US corporate America. He received this payout because he quit, he wouldn’t have gotten it if they fired him. No other employee outside of the C-suite would have been given a heads up to quit or be fired! Do you honestly think if the Director of Marketing of VP of Customer Service at Boeing we’re to get a measly $150,000 payout if they quit, that the company would give them the opportunity to quit? No! They’d fire them and brag about being able to pocket the cash.

This guy laughs his way to the bank while mainline production worker making under $100,000 a year will ultimately bear the brunt of this incompetence of the highest order.


https://www.cbsnews.com/news/boeing-ous ... on-payout/
 
SanDiegoLover
Posts: 431
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Re: Boeing CEO resigns, David Calhoun named President and CEO

Tue Dec 24, 2019 12:12 am

par13del wrote:
Well if fired his package will be larger unless they intend to go public and show his personal wrong doings, not sure Boeing wants that publicity right now, so legally, he resigned allowing him to get his golden parachute as normal and Boeing to avoid being hit for transparency or lack there of.


Nope. If he was fired his payout would be substantially smaller. He was simply given the opportunity to quit. The “good ole boys” network alive, well, thriving, and conniving!
 
strfyr51
Posts: 5092
Joined: Tue Apr 10, 2012 5:04 pm

Re: Boeing CEO resigns, David Calhoun named President and CEO

Tue Dec 24, 2019 12:12 am

Adipocere wrote:
This could be the where the fix is in. Politicians get cover to assert that the big man was fired and changes were made at Boeing; while the FAA gets the squeeze to approve the plane to keep all those jobs afloat in an election cycle year.


This is a pure SHAM and an "Okey Doke" The present CEO will walk away with Millions !! His Quitting? Please! It was fully Negotiated!!
 
DfwRevolution
Posts: 9306
Joined: Sat Jan 09, 2010 7:31 pm

Re: Boeing CEO resigns, David Calhoun named President and CEO

Tue Dec 24, 2019 12:13 am

SanDiegoLover wrote:
It’s nauseating to see that Mullenberg will get an exit package of $26,500,000 with a total payout over the next few years of $58,500,000 !!!

Just another perfect example of what is wrong with US corporate America. He received this payout because he quit, he wouldn’t have gotten it if they fired him. No other employee outside of the C-suite would have been given a heads up to quit or be fired! Do you honestly think if the Director of Marketing of VP of Customer Service at Boeing we’re to get a measly $150,000 payout if they quit, that the company would give them the opportunity to quit? No! They’d fire them and brag about being able to pocket the cash.

This guy laughs his way to the bank while mainline production worker making under $100,000 a year will ultimately bear the brunt of this incompetence of the highest order.


1.) It's called a contract. Had Boeing fired Mullenberg for cause, then he would dispute it and both parties would instantly mire themselves in arbitration or litigation. If they are willing to split amicably - as they are - then resigning is the cleanest and fastest way for both parties to move on.

2.) Envy is always a bad look. Keep your eyes on your own paper.
I have a three post per topic limit. You're welcome to have the last word.
 
TyroneShoes
Posts: 17
Joined: Sat Dec 02, 2017 6:00 am

Re: Boeing CEO resigns, David Calhoun named President and CEO

Tue Dec 24, 2019 12:19 am

Should have never moved to Chicago. Something about that city...
 
kayik
Posts: 117
Joined: Thu Mar 14, 2019 10:58 pm

Re: Boeing CEO resigns, David Calhoun named President and CEO

Tue Dec 24, 2019 12:23 am

9Patch wrote:
kayik wrote:
Please have a look at the list of Boeing shareholders, they are either investment companies or mutual funds making up 70%. The rest is held more then 2500 institutions whoever they are. Less the 1% is attributed to real people, DM being the major one. Boeing is Wall Street. They don't even know how many people they have killed. All they know is share price. What do you expect?


People who buy mutual funds are real people.

...but they are not shareholders
 
SanDiegoLover
Posts: 431
Joined: Sat Dec 10, 2016 12:24 am

Re: Boeing CEO resigns, David Calhoun named President and CEO

Tue Dec 24, 2019 12:28 am

F9Animal wrote:
aden23 wrote:
Great news, now let the criminal proceedings begin! Hopefully we can see Muilenberg behind bars by next Christmas.


As much as I am furious with how things went so bad at Boeing.... I think Muilenberg is a scapegoat. I firmly believe Jim McNerney was the start of a chain of messes that happened to this day with his iron fist approach to labor. The outsourcing became massive under McNerney. The 787 should have been the first warning signs of a mess, especially when they rolled out a shell of an airplane. Airplanes and cheap are two combinations that are very poor IMO.

Boeing needs to bring alot of it's work back in house. Bring it's corporate offices back to Seattle, and clean house at the executive level, from top to bottom. Revert back to the days when Boeing produced a great quality product. A CEO replacement will not fix the problem, unless that CEO puts forth a dramatic makeover.


Jim McNerney should have gone to prison for the 787 fiasco and lying to investors and the government. Instead, he worked for 1/2 year in 2015 and was paid $39 million! Plus his annual pension, private security, and use of Boeing travel resources, which totals near $1 million per annum in retirement compensation.

Not only are these guys not punished when they do this stuff....they’re REWARDED! Massively! That’s why history keeps repeating itself! Whenever the next downturn inevitably hits us, a number of banks will be exposed for fraud and misleading investors and the government. Why? Because we didn’t imprison a single bank officer from the 2007 - 2008 meltdown. Until we change this laissez-faire attitude towards companies criminal nonsense nothing will change. Instead, this country’s conversation is focused on labor unions and hourly workers, and that their wages are just too high to compete. Lack of imagination all around, sadly.

https://www.seattletimes.com/business/b ... s-in-2015/
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