that does not perform.
Boeing (BA) CEO Dave Calhoun will step down at the end of the year, the company announced Monday.
Calhoun's departure comes as the planemaker has dealt with a raft of production and quality control issues this year, most notably when one of its 737 MAX 9 planes flown by Alaska Air lost a panel in mid-flight back in January.
Last week, Boeing CFO Brian West said the company would see cash outflows of up to $4.5 billion during the current quarter as it works to shore up its production lines.
Boeing stock rose as much as 2.5% following the news. Through Friday's close, the stock had lost more than 27% this year.
The company also announced Monday that Larry Kellner, chairman of its board, will not stand for re-election at the company's upcoming annual shareholders meeting. Steve Mollenkopf, the former CEO of Qualcomm and a Boeing board member since 2020, will replace Kellner and lead the company's search for its next CEO. Boeing also said Stan Deal, currently CEO of its Commercial Airplanes segment, will retire.