ISTANBUL

Boeing announced Monday CEO Dave Calhoun will step down from his role at the end of this year.

"The eyes of the world are on us, and I know that we will come through this moment a better company," Calhoun said in a letter to employees. "We will remain squarely focused on completing the work we have done together to return our company to stability after the extraordinary challenges of the past five years, with safety and quality at the forefront of everything that we do."

Independent Board Chair Larry Kellner said he will not stand for re-election at the firm's annual meeting, while the board has elected Steve Mollenkopf to succeed Kellner as independent board chair. Mollenkopf will lead the board's process of selecting Boeing's next CEO.

Meanwhile, Stan Deal, Boeing Commercial Airplanes' president and CEO, will retire from the company and Stephanie Pope has been appointed to lead the firm's commercial airlines effective Monday.

The US-based multinational corporation, which designs, manufactures and sells airplanes, has been under scrutiny after major events regarding its commercial aircraft.

Four key bolts that were designed to hold a door plug were missing on an Alaska Airlines Boeing jet that suffered a mid-air blowout in January.

An American Airlines Boeing 737's engine burst into flames in April 2023 due to a bird strike, before its pilot safely managed an emergency landing at an airport in Columbus, Ohio in the US.

Boeing's deliveries of 787 Dreamliners were suspended for almost two years due to several flaws in manufacturing, which cost the company $5.5 billion as of January 2022.