NEW YORK (TheStreet) -- Boeing's (BA) - Get Report board of directors named Dennis Muilenburg, the chief operating officer since 2013, to replace the retiring Jim McNerney. McNerney had been chief executive for the past 10 years.

Muilenburg, also Boeing's president, takes the helm on July 1. He's a 30-year veteran at the company. Boeing said McNerney will stay on as chairman and continue working at the company until retiring at the end of February 2016.

In a statement, McNerney said, "As CEO, Dennis will bring a rich combination of management skills, customer focus, business and engineering acumen, a can-do spirit and the will to win. With a deep appreciation of our past accomplishments, and the energy and skill to drive those to come, he is well suited to lead our very talented Boeing team into its second century."

Muilenburg said the "opportunity to lead the people of Boeing in service to our commercial and government customers is a tremendous honor and responsibility. Our company is financially strong and well positioned in our markets."

Boeing said that in his most recent role, Muilenburg shared oversight of day-to-day business operations with McNerney, focusing on Boeing's growth, productivity and customer relationships, among other areas. Muilenburg holds a bachelor's degree in aerospace engineering from Iowa State University and a master's degree in aeronautics and astronautics from the University of Washington.