New York (AFP)

Boeing has changed its rules to allow its chief executive Dave Calhoun, who took the reins of the company in the midst of the 737 MAX crisis before dealing with the pandemic, to remain in his post for several more years.

The American aircraft manufacturer announced on Tuesday that it had raised the retirement age from 65 to 70 to allow Mr. Calhoun, 64, to continue in office.

If he can now theoretically run the company until April 2028, that does not mean that his contract will extend there, said Boeing.

The company's chief financial officer since 2011, Greg Smith, sometimes seen as a potential successor, plans to leave the company in July.

A member of the board of directors of the aircraft manufacturer since 2009, Mr. Calhoun took up his post as managing director in January 2020, a few weeks after the dismissal of his predecessor, Dennis Muilenburg.

The latter was accused of a calamitous management of the 737 MAX crisis after two close accidents which left 346 dead.

- "Difficult and complex period" -

Mr. Calhoun then inherited a complicated situation, between strained relations with the airlines and a broken link with the aviation authorities.

Shortly after his arrival, he also had to deal with the devastating effects of the Covid-19 pandemic on the aviation sector.

The group has cut thousands of jobs and significantly reduced production rates.

But between the setbacks of the 737 MAX and the drop in airline orders, Boeing lost $ 11.9 billion in 2020.

"Under Dave's strong leadership, Boeing has successfully passed through one of the most difficult and complex times in its long history," commented Chairman of the Board Larry Kellner.

The Boeing flagship was notably authorized by the American authorities to return to the sky in November 2020, a green light followed by the approval of most of the major aviation oversight agencies.

"Given the substantial progress Boeing has made under Dave's leadership, as well as the continuity needed to thrive in our long-cycle industry, the board determined it was in the best interests of the company and its parties. stakeholders to give the board and Dave the flexibility to continue in his role beyond the normal retirement age set by the company, ”explained Mr. Kellner.

Mr. Smith, who had temporarily held the role of Managing Director between the terms of Messrs.

Muilenburg and Calhoun, for his part, felt that the time had come for him "to start a new chapter outside of Boeing".

- No dividend -

These announcements were made just before the company's annual general meeting of shareholders.

The latter approved the persons proposed by management to constitute the board of directors.

Boeing has faced other issues since Mr. Calhoun's arrival, including the discovery of manufacturing defects on the 787 Dreamliner that resulted in deliveries being suspended for several months and a "potential electrical problem" on the 737s. MAX having led the group to ask some of its customers to no longer use the device.

Calhoun said on Tuesday that he could not give a specific date on the return to service of his devices, but once the US aviation agency validates the proposed remedy, it can be implemented. "in a few days".

He also said that Boeing hoped to once again generate positive cash flow "in the short or medium term".

Once the group has access to cash, it will use it to make investments and reduce its heavy debt, Calhoun said.

Only then will Boeing, which lost ground to Airbus, start paying dividends again.

"I can not give you a date," warned the director general, stressing that the commercial aviation market will first have to recover.

The action fell nearly 4% on Wall Street at mid-session.

© 2021 AFP