Boeing

(BA) - Get Report

is undertaking a considerable facelift, as it promoted three executives, set plans for a "leaner" corporate center and disclosed the intention to relocate its headquarters.

The location of the new headquarters hasn't been determined, but Boeing said is looking at Denver, Chicago and the Dallas/Fort Worth area. Boeing said it hopes to select a new area by the early summer and open the facility in the fall. The company cited the need to have a centrally located headquarters. The new headquarters will have less than half of the 1,000 employees currently working in its Seattle location.

Boeing also said the leaders of its three largest operating units have been promoted to chief executive officers of the divisions. They are Alan Mulally of the commercial airplane group in Seattle, Jerry Daniels of military aircraft and missile systems in St. Louis and Jim Albaugh of space and communications in Seal Beach, Calif.

"This change will give them more freedom to deliver the operational improvements and seize the growth opportunities facing their businesses," the company said in a statement.

Shares of Boeing, a component of the

Dow Jones Industrial Average

, fell 7 cents, or 0.1%, to $54.93 in recent

New York Stock Exchange

trading.