The Boeing Co.’s Board of Directors has extended the company's age-65 standard retirement to age 70 for President and Chief Executive Officer David L. Calhoun. Now 64, Calhoun has served as Boeing's president and CEO since Jan. 13, 2020.
Boeing Chairman Larry Kellner said of Calhoun, "His dedication to renewing the company's commitment to safety, quality and transparency has been critical in building regulator and customer confidence as Boeing returns the 737 MAX to service. And, in the face of unprecedented challenges brought on by the global pandemic, he has taken proactive actions to ensure Boeing remains strongly positioned for the recovery in the aviation industry. Given the substantial progress Boeing has made under Dave's leadership, as well as the continuity necessary to thrive in our long-cycle industry, the Board has determined that it is in the best interests of the company and its stakeholders to allow the Board and Dave the flexibility for him to continue in his role beyond the company's standard retirement age."
While the board's action extends the mandatory retirement age for Calhoun to April 1, 2028, there is no fixed term associated with his employment.
Boeing’s Executive Vice President, Enterprise Operations and Chief Financial Officer Gregory D. Smith has decided to retire from the company, effective July 9, 2021. Boeing is conducting a search for Smith's successor.
Calhoun said of Smith, "His stewardship of the company's financial position for nearly a decade, and his leadership during the severe challenge our industry has faced as a result of the global pandemic, have been essential to positioning Boeing for a bright future."
Smith said, "With the company well positioned going forward, the timing is right for me personally to begin a new chapter outside of Boeing. I will always cherish and be grateful for the experiences I have had, and the relationships I have made, in my thirty years at Boeing."
Smith, 54, was appointed chief financial officer in 2011 and later served in expanded roles as the executive vice president of Finance, Enterprise Performance and Strategy, and more recently executive vice president of Enterprise Operations, Finance and Sustainability. He served as the company's interim CEO, immediately preceding Calhoun. He plans to remain active in business and philanthropic roles.