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Boeing extends CEO’s retirement age, a vote of confidence during crises

Stock Markets11 minutes ago (Apr 20, 2021 10:00AM ET)

(C) Reuters. Greg Smith, Boeing CFO, is seen during the 53rd International Paris Air Show at Le Bourget Airport near Paris

By Sanjana Shivdas and Eric M. Johnson

(Reuters) -Boeing Co has extended the company’s retirement age to allow Chief Executive Officer Dave Calhoun to serve in the top job, a vote of confidence and a play for continuity as the U.S. planemaker works through the COVID-19 and 737 MAX crises.

Boeing (NYSE:BA) also said Chief Financial Officer Greg Smith will retire in July.

Investors will be eager for more details and color on the company’s board and executive leadership during its annual shareholders meeting later on Tuesday.

Smith, a 30-year veteran at Boeing, has been leading a business transformation that includes cost-cutting and shuffling resources to help Boeing emerge stronger once the COVID-19 and 737 MAX crises ebb.

He was also seen by some people in the industry as a likely candidate for the top executive role after Calhoun.

Smith was appointed chief financial officer in 2011. He then served in additional roles as the executive vice president of Finance, Enterprise Performance and Strategy, and then executive vice president of Enterprise Operations, Finance and Sustainability.

Prior to becoming CFO, he was corporate controller and vice president of Finance. In that role he served as Boeing’s principal liaison with the board of directors’ audit committee on regulatory compliance.

Calhoun, a former executive at Blackstone (NYSE:BX) private equity group and experienced corporate crisis manager and a Boeing board member 2009, was named CEO in December after the board ousted Dennis Muilenburg.

That came after Calhoun was named chairman in October 2019. He gave up the chairmanship when he became CEO.

Calhoun told employees in January he sees “opportunities to be better. Much better.”

In January, the board approved a $1.4 million annual salary for Calhoun and long-term compensation of $26.5 million if he achieves several milestones.

Boeing extends CEO’s retirement age, a vote of confidence during crises

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