Proactive Investors – Boeing Co (NYSE:, ETR:BCO) investors, flight passengers and those involved in the wider aerospace industry should view its latest change of leadership as a positive, analysts at Bank of America (NYSE:) believe.
On Monday, Boeing CEO Dave Calhoun said he will leave at the end of the year, while chairman Larry Kellner will be replaced by Steve Mollenkopf and won’t stand for re-election.
Additionally, Stan Deal, the aircraft maker’s head of commercial aeroplanes, will be replaced by Stephanie Pope, the group’s former COO.
Bank of America welcomed the changes, arguing that Boeing has been “in need of a drastic cultural overhaul”.
“We see the changes as the first right steps of removing the “old guard”, and making way for a new team which can work from a less sullied slate,” analysts said.
Looking forward, the US bank believes several uncertainties linger surrounding the role of the yet-to-be-announced CEO replacement.
With Calhoun set to exit at the end of 2024, a successor will be faced with FAA scrutiny, the acquisition and integration of Spirits AeroSystems and the rebuilding of trust with customers and investors.
Bank of America said: “Additionally, we would expect more board seats will likely turn-over, given new CEOs often come with their own brigade in support of their new vision.
“This may be the first real chance, in a long time, Boeing has had to clean-house and reset their own narrative.”
