Dennis Muilenburg To Succeed McNerney As Boeing CEO

(RTTNews) - Boeing Co (BA) on Tuesday named Dennis Muilenburg as chief executive officer, effective July 1, succeeding James McNerney, Jr., who held the position for about a decade.

Muilenburg, a 30-year company veteran, has served as Boeing president and chief operating officer since 2013. He has also been elected to the board.

Boeing said McNerney will remain chairman of the company, and to ensure a smooth transition, will continue working as an employee until retiring at the end of February 2016.

"Dennis is an extremely capable, experienced and respected leader with an immense passion for our company, our people, and our products and services," McNerney said in a statement.

Muilenburg, in his most recent role, shared with McNerney, oversight of day-to-day business operations with a focus on growth and productivity initiatives and key customer relationship programs.

He, along with Boeing Commercial Airplanes CEO Raymond Conner, has also served since 2013 as the company's vice chairman. Previously, he had also served as CEO of Boeing Defense Space & Security, the company's $31 billion business unit headquartered in St. Louis.

Outgoing CEO McNerney took over the top position at Boeing in 2005. During his tenure, the company regained its place in global commercial airplane deliveries and was strongly posited in defense markets, despite the downturn in U.S. military spending.

Despite stiff competition from European rival Airbus, McNerney steered Boeing successfully and ensured perceptible revenue growth.

In April, Boeing reported a 38 percent increase in first-quarter profit, driven by improved margins and demand for commercial aircraft. Ealier this month, Boeing said it projects global demand for 38,050 new airplanes over the next 20 years, while Airbus projects 32,600 planes.

Boeing closed Tuesday at $144.43, down $1.27 or 0.87%, on the NYSE.