Can Boeing’s new CEO get the troubled 737 Max back in the air, and restore faith in the company?
What you need to know about ‘turnaround specialist’ David L. Calhoun, his problem-fixing background, and the difficulties he faces at beleaguered Boeing
Boeing’s new CEO, David L. Calhoun, began his first day on the new job on Monday, January 13.
An industry veteran who has been on Boeing’s board for a decade, Calhoun is known as a “turnaround specialist”, who has helped fix companies that were struggling, or pulled them through industry turmoil.
As he assumes the new role at Boeing’s helm, eyes will be on Calhoun as he faces a set of challenges unlike what he’s dealt with before.
Calhoun, 62, is a veteran industrial leader who is no stranger to crisis, so it’s clear why he appealed to Boeing.
Until 2006, Calhoun was a senior executive at General Electric (GE), where he spent 26 years. Just before the September 11 attacks, which roiled the airline and aeroplane industry, he headed the unit that builds aircraft engines, a unit which posted US$47 billion in annual sales by the end of his tenure.
In 2006, Calhoun moved to Nielsen, the media ratings firm, where he was credited with helping to rebuild the company after a private equity takeover by KKR, Blackstone and Carlyle Group.
In 2013, Calhoun joined Blackstone Group as the head of its portfolio operations group, advising owned companies and consulting on new buys. In 2017, he was named chairman of Caterpillar, the construction equipment company that was under government scrutiny over tax and export practices, according to The New York Times.
Calhoun was named on Boeing’s board of directors in 2009, and became chairman in October after the rest of the board decided to strip Dennis Muilenburg of that title and split the chair and CEO roles.