Boeing’s shares have plunged amid coronavirus fallout and the ongoing 737 MAX grounding. New CEO David Calhoun needs more than an apology tour, writes rob_cyran.
Shares of Boeing dropped more than 10% on March 9 after the plane maker's proposal to leave wiring bundles in place on the grounded 737 MAX, rather than changing them to avoid a possible short-circuit risk, failed to get the backing of U.S. aviation regulators, potentially delaying the plane's return to service. Boeing’s stock price fell below $230 in early trading, a level not seen since 2017, before paring losses somewhat.
The U.S. House Transportation Committee on March 6 released preliminary findings from its investigation into the crashes of two Boeing 737 MAX planes which killed 346 people. The committee faulted the Federal Aviation Administration as well as Boeing design failures and other problems at the company. It said the aircraft manufacturer had a “culture of concealment.”
Federal Aviation Administration head Stephen Dickson said on March 5 that a certification test flight for the Boeing 737 MAX should occur within a few weeks. The plane has been grounded for about a year. David Calhoun, who became Boeing’s chief executive in January, gave an interview to the New York Times that was published on March 5. Describing the company’s problems, he said: “It’s more than I imagined, honestly. And it speaks to the weaknesses of our leadership.” Calhoun has been a Boeing board member since 2009.
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