David Calhoun, president and CEO of Boeing (NYSE: BA), could remain at the helm for another six years after the aerospace and defense company’s board of directors extended its compulsory retirement age for Calhoun from 65 to 70.
The company said Tuesday the 64-year-old chief executive has held the dual role since January of last year and the extension move allows him to remain in the job beyond the mandatory age of retirement, up to April 1, 2028.
Boeing Chairman Larry Kellner said Calhoun has worked to steer the company through business challenges and recovery efforts amid the pandemic.
The Chicago-based planemaker added that Greg Smith, chief financial officer and executive vice president for enterprise operations, plans to retire by July 9 after more than three decades of service, and kicked off the search for his successor.
Smith has been Boeing’s CFO since 2011 and had filled the CEO role on an interim basis before Calhoun took the helm of the company.