Boeing said today that it will lift the company's retirement age for David Calhoun to 70, enabling him to remain as chief executive until April 2028.
Boeing has a standard 65 retirement age.
It cited Calhoun's progress in "building regulator and customer confidence" in enabling the 737 MAX to return to service following two fatal crashes that led to a lengthy grounding of the plane.
Boeing also said today that its chief financial officer Greg Smith, who is 54, would retire in July.
Greg Smith, a 30-year veteran at Boeing, has been leading a business transformation that includes cost-cutting and shuffling resources to help Boeing emerge stronger once the Covid-19 and 737 MAX crises ebb.
He was also seen by some people in the industry as a likely candidate for the top executive role after Calhoun.
Smith was appointed chief financial officer in 2011.
He then served in additional roles as the executive vice president of Finance, Enterprise Performance and Strategy, and then executive vice president of Enterprise Operations, Finance and Sustainability.
David Calhoun, a former executive at Blackstone private equity group and experienced corporate crisis manager and a Boeing board member 2009, was named CEO in December after the board ousted Dennis Muilenburg.
That came after Calhoun was named chairman in October 2019. He gave up the chairmanship when he became CEO.
David Calhoun told employees in January that he sees "opportunities to be better. Much better."
In January, the board approved a $1.4m annual salary for Calhoun and long-term compensation of $26.5m if he achieves several milestones.
