Estimated Reading Time: 1 minute

Boeing Co. on Monday named Chief Executive Dennis A. Muilenburg as its new board chairman, effective next month.

Mr. Muilenburg, 52 years old, succeeds previous board chairman W. James McNerney, who also stepped aside as chief executive last July. Mr. McNerney, 66, plans to retire — a move the company had outlined when it named Mr. Muilenberg CEO.

Mr. Muilenburg, who joined Boeing as an engineering intern in 1985, was Boeing’s chief operating officer from 2013 to 2015. Prior to that he served as chief executive of Boeing Defense, Space & Security.

Earlier this month Boeing, the world’s largest aerospace company by sales, said it planned to cut management jobs as part of a cost-cutting drive, as the aircraft builder deals with rising competition.

Airbus Group SE, founded in 1970, has slowly chipped away at 99-year-old Boeing’s dominance selling jetliners to the world’s air carriers. On its next-generation single-aisle jets, despite having nearly 3,100 to build, Boeing trails Airbus by more than 1,300 orders.

Shares of Boeing, which have fallen 21% in the past three months, were inactive after hours.

Original Article: Boeing Elects CEO Muilenburg as New Board Chairman

Credit (Article): Ezequiel Minaya

Credit (Photos): Wikimedia