Boeing Names Dennis Muilenburg CEO

(RTTNews) - Aerospace giant Boeing Co. (BA) said Tuesday that its board of directors has elected Dennis Muilenburg the company's 10th chief executive, succeeding W. James McNerney, Jr., who held the position for the past 10 years.

Muilenburg, who has served as Boeing president and chief operating officer since 2013, becomes president and CEO on July 1.

McNerney, who joined Boeing's board of directors in 2001, continues as its chairman. To ensure a smooth transition of his CEO responsibilities to Muilenburg, he will continue working as a company employee until retiring at the end of February 2016.

Kenneth Duberstein, Boeing's independent lead director, continues in that capacity, and Muilenburg has been elected a member of the board.

Muilenburg is a 30-year company veteran. Along with Boeing Commercial Airplanes President and CEO Raymond Conner, he also has served since 2013 as company vice chairman. Conner remains in charge of the $60 billion Commercial Airplanes unit and will serve as sole company vice chairman.