On Monday, Dec. 23, ahead of the opening bell and during the holiday week, Boeing announced that CEO Dennis Muilenburg had officially resigned, effective immediately.
Boeing’s chief financial officer, Greg Smith, is taking over as interim CEO until January.
On January 13, chairman David Calhoun—who became chairman of the board earlier of this year. He took over the position from Muilenburg.
Lawrence Kellner will take over the position of chairman as Calhoun moves into the CEO role.
"On behalf of the entire Board of Directors, I am pleased that Dave has agreed to lead Boeing at this critical juncture," Kellner said in a statement. 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."
"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," said Calhoun in a statement.
But of course, with these kinds of shake-ups, there area always a lot of questions.
For example, why now? Why is Smith taking over as interim CEO until January? And, of course, what does this mean for Boeing?
TheStreet’s Tony Owusu, who has been covering Boeing as it’s struggled with its 737 MAX, joined TheStreet to shed some light on just a few of the questions that investors will be asking themselves.
Watch the full video for more.