Boeing CEO Dennis Muilenburg has resigned effective immediately as 737 max woes continue

Boeing Chairman David Calhoun

Boeing CEO Dennis Muilenburg resigned effective immediately, the company announced Monday morning. Muilenburg, who up until a few months ago was also chairman of the company, is leaving Boeing's board as well.

Boeing chairman to replace Dennis Muilenburg as president and CEO after a year of scrutiny, according to report. Effective Jan. 13, chairman David Calhoun will take over as CEO and president of Boeing

David Calhoun, Boeing's current chairman, is taking over as its CEO. Calhoun is currently the head of private equity operations at money management giant Blackstone, and a former General Electric executive. He is also the lead director of the board of construction equipment manufacturer Caterpillar.

Boeing's stock rose on the news, opening 3.6% higher Monday morning.

Company's Board of Directors decided that a change in leadership was necessary to restore confidence in the Company moving forward as it works to repair relationships with regulators, customers, and all other stakeholders,” the company said.

The separate twin fatal crashes of its 737 MAX jetliner have caused an intense scrutiny and industrial setbacks.

Boeing said the new leadership to bring renewed commitment to transparency and better communication with regulators and customers in safely returning the 737 MAX to service

The Board of Directors decided that a change in leadership was necessary to restore confidence in the Company moving forward as it works to repair relationships with regulators, customers, and all other stakeholders.

Under the Company's new leadership, Boeing will operate with a renewed commitment to full transparency, including effective and proactive communication with the FAA, other global regulators and its customers.

"On behalf of the entire Board of Directors, I am pleased that Dave has agreed to lead Boeing at this critical juncture," Mr. Kellner said. He added, "Dave has deep industry experience and a proven track record of strong leadership, and he recognizes the challenges we must confront. The Board and I look forward to working with him and the rest of the Boeing team to ensure that today marks a new way forward for our company."

Mr. Calhoun said, "I strongly believe in the future of Boeing and the 737 MAX. I am honored to lead this great company and the 150,000 dedicated employees who are working hard to create the future of aviation."