The American aircraft manufacturer Boeing made an exception in its inner policies and extended the standard company‘s retirement age from 65 years to 70 years.
The change will allow the current President and Chief Executive Officer David L. Calhoun to stay in the post longer. Calhoun, currently at age 64, was supposed to get retired in 2022. The mandatory retirement age extension will allow him to serve at least until April 1, 2028, with “no fixed term associated with his employment”, the Boeing statement reads.
The Chairman of the manufacturer Larry Kellner pointed out since January 13, 2020, when Calhoun joined the team, the company “has effectively navigated one of the most challenging and complex periods in its long history.”
“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,” Kelner added while hinting on the Boeing 737 MAX crisis as well as the challenging situation in the market highly affected by the ongoing the COVID-19 pandemic.
Gregory D. Smith, the Executive Vice President, Enterprise Operations, and Chief Financial Officer of the company decided to retire from the manufacturer from July 9, 2021. Smith took the Chief Financial Officer (CFO) role in 2011 and then expanded his position as the Executive Vice President of Finance, Enterprise Performance, and Strategy. Later he became the Vice president of Enterprise Operations, Finance, and Sustainability and has been Boeing’s interim CEO, immediately preceding Calhoun.
“Greg is a remarkable business leader and we will always be thankful for his many contributions to Boeing. 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. […] He leaves a legacy of leadership and lasting impacts over his 30-years with Boeing. I’m also grateful for Greg’s commitment to supporting the upcoming transition, and for his counsel as we select his successor,” Calhoun was quoted in the statement.
Meanwhile, Smith expects to further remain active in business and philanthropic roles.
“Boeing is one of the world’s greatest companies. I could not be prouder of the 140,000 people who work hard every day to deliver on our promises to all stakeholders and live our foundational values. 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 said.