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Boeing stock set to take off after CEO announces departure

Boeing stock set to take off after CEO announces departure

The aircraft manufacturing giant Boeing (NYSE: BA) has been having a rough year ever since an Alaska Airlines flight, flying one of the company’s MAX series airplanes, was forced to make an emergency landing after a piece of the fuselage broke off mid-flight.

The company’s stock has been on a steady decline ever since as more and more accidents started occurring – though none as deadly as the 2019 crash which first brought the problems with the MAX series into light – and as additional quality control concerns started mounting.

On Monday, March 25, Boeing investors might finally be able to catch a break, as the CEO of the ailing company – Dave Calhoun – decided to accept command responsibility and announced he will step down by the end of 2024.

The departure of Boeing’s highest executive is part of a bigger drive to restructure the company and resolve the issues that have crept into its business.

Boeing stock price chart

Boeing shares had an immediate reaction to the news of Calhoun’s departure and took off in the extended session. In Monday’s premarket, BA shares rose as much as 3.88% to a press time price of $196.17.

Still, the spike, despite being notable, has hardly put a dent into Boeing stock’s longer-term decline. Since January 1, BA is down 24.99% as it started the year at $251.76 and found itself closing at $188.85 on Friday, March 22 – the latest full trading day.

BA stock YTD price chart. Source: FInbold

The more recent performance has, despite the issues, been more mixed. The last 30 days, for example, saw Boeing fall 5.83% but the stock is 4.74% in the green on the weekly chart. 

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