NEW YORK (TheStreet) -- Boeing Co. (BA) - Get Report announced on Tuesday that Dennis Muilenburg will replace James McNerney as CEO beginning next Wednesday, July 1. McNerney held the CEO position at the aerospace company for 10 years.

Shares of Boeing are down by 0.33% to $143.96 at the start of trading on Wednesday morning.

"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," McNerney said in a statement announcing the management change.

TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio had this to say about the CEO change: "Jim McNerney is a titan, one of my most bankable CEOs from Get Rich Carefully. I am glad he will still be chairman during the transition, which will make it as smooth as possible."

As CEO Muilenburg will be challenged with delivering a half-trillion order backlog, reducing 787 Dreamliner costs and altering Boeing's defense and space business to better align with fast changing domestic and international spending, The Wall Street Journal reports.

"Our company is financially strong and well positioned in our markets. As we continue to drive the benefits of integrating our enterprise skills, capabilities and experience - what we call operating as 'One Boeing' - we will find new and better ways to engage and inspire employees, deliver innovation that drives customer success, and produce results to fuel future growth and prosperity for all our stakeholders," Muilenburg said in a statement.

Insight from TheStreet Research Team:

TheStreet's Bryan Ashenberg of Trifecta Stocks commented on the Boeing CEO change in a recent post. Here is a snippet of what Ashenberg had to say:

We expect a smooth transition and don't believe there is any fundamental change at the company.

Want more like this from Bryan Ashenberg? Learn more about Trifecta Stocks now!

Separately, TheStreet Ratings team rates BOEING CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate BOEING CO (BA) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. We feel its strengths outweigh the fact that the company shows low profit margins."

You can view the full analysis from the report here: BA Ratings Report