Boeing CEO Dennis Muilenburg steps down

Boeing CEO Dennis Muilenburg has stepped down as the company is facing tough period following two fatal crashes.

Muilenburg will be replaced by Chairman David Calhoun effective January 13, 2020, reported CNN.

Boeing (BA) said in a press release that its board of directors decided to part ways with Muilenberg.

"A change in leadership was necessary to restore confidence in the company moving forward as it works to repair relationships with regulators, customers, and all other stakeholders," the company said.

Muilenburg, 55, became the CEO of the world's largest aerospace company in July 2015.

He previously held the chairman role as well but relinquished that seat in October. He has worked at Boeing in a number of different roles since 1985.

The company's bestselling commercial jet was grounded worldwide in March 2019 after two fatal crashes killed 346 people.

It still hasn't returned to flight, despite Boeing's efforts to clear a software fix with regulators.

Boeing's stock rose 3 per cent in early trading Monday.

Incoming CEO Calhoun has served on Boeing's board since 2009. He has also served as a senior managing director at Blackstone Group and he previously was the chairman and CEO of Nielsen Holdings.