Jim Cramer Questions If It's Time to Replace Boeing's CEO...Again
A 'horrific culmination' of missteps by Boeing engineers, lack of transparency and 'grossly insufficient' FAA oversight are the key reasons behind two fatal 737 MAX crashes that killed 346 people, according to a government committee report released on Wednesday.
In the 245-page report, the House Transportation and Infrastructure Committee pointed to widespread failures among Boeing engineers who designed the jet as well as deception by Boeing management as the key reasons behind the two accidents and the plane's subsequent grounding.
“The Max crashes were not the result of a singular failure, technical mistake or mismanaged event,” the report said. “They were the horrific culmination of a series of faulty technical assumptions by Boeing’s engineers, a lack of transparency on the part of Boeing’s management and grossly insufficient oversight by the FAA.”
The report, drawn from conclusions by the majority staff under committee Chairman Peter DeFazio, cites several key reasons behind the crashes, including pressure to update the 737’s design quickly and cheaply, faulty assumptions about the plane’s design and how pilots operated the aircraft, and what investigators called a “culture of concealment” by Boeing.
Jim Cramer says that this report and the ongoing turmoil at Boeing begs a key question: Is CEO Dave Calhoun the right man for the job?
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