By Angela Chen
Boeing Co. on Tuesday said chief executive W. James McNerney
will step down on July 1, to be succeeded by chief operating
officer Dennis Muilenburg.
Mr. McNerney, 65, has reached Boeing's mandatory retirement age.
He will continue his role as chairman of the board and work as an
employee until he retires at the end of February 2016. The move
comes earlier than some expected. The Chicago-based aerospace
company has its cenentary next year and some said earlier that they
thought he might seek board permission to stay longer. He has been
chief executive since 2005.
Mr. Muilenburg,51, has been chief operating officer and
president since 2013. He has worked at Boeing for three decades,
including as president and CEO of Boeing Defense Space &
Security unit and as president of the Global Services & Support
business. At the time of his 2013 promotion, a McNerney
acquaintance called him "the heir apparent," while others familiar
with the matter added that his succession to CEO was "the most
likely event."
"Dennis is an extremely capable, experienced and respected
leader with an immense passion for our company, our people, and our
products and services," said Mr. McNerney.
Earlier in June, Boeing said that near-term growth in airline
traffic will sustain record jetliner production output and more
than double the global fleet over the next two decades. However, it
then trimmed its long-term forecast for global economic growth and
air travel slightly from last year to reflect recent weakness in
emerging markets.Boeing's annual market forecast pointed to the
global commercial fleet rising to nearly 43,600 aircraft in 2034
from 21,600 in 2015.
Shares of Boeing have increased about 11% this year through
Monday's close.
Write to Angela Chen at angela.chen@dowjones.com
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