Boeing President and CEO Dave Calhoun revealed that he will step down from his role at the end of 2024, the aircraft manufacturer announced Monday.

In addition to Calhoun's exit, Board Chair Larry Kellner said he will not stand for re-election at the upcoming annual shareholder meeting, prompting the board to elect Steve Mollenkopf to succeed Kellner as independent board chair.

Mollenkopf will lead the board's process of selecting Boeing's next CEO.

Meanwhile, Stan Deal, Boeing Commercial Airplanes (BCA) President and CEO, is also out amid the massive shake-up. Deal will retire from the company and be replaced by Stephanie Pope, who will lead BCA starting Monday.

"It has been the greatest privilege of my life to serve Boeing," Calhoun said in a letter to employees. "The eyes of the world are on us, and I know that we will come through this moment a better company. We will remain squarely focused on completing the work we have done together to return our company to stability after the extraordinary challenges of the past five years, with safety and quality at the forefront of everything that we do."

"As we begin this period of transition, I want to assure you, we will remain squarely focused on completing the work we have done together to return our company to stability after the extraordinary challenges of the past five years, with safety and quality at the forefront of everything that we do," Calhoun added.

The leadership changes come just one month after Boeing removed the head of its 737 Max program, Ed Clark, replacing him with former Vice President, 737 Delivery Operations, Katie Ringgold. "Our customers demand, and deserve, nothing less," Deal said at the time.

It's been a tumultuous few months for Boeing in the wake of a door panel blowing out of an Alaska Airlines plane mid-flight in early January. The incident put a spotlight on the company that's revealed disturbing quality control issues that have delayed production and prompted investigations by the Federal Aviation Administration (FAA) and other agencies.

Recently, airline executives have sought to meet with Boeing as some passengers are seeking out alternative aircraft and officials work to reassure the flying public that air travel is still safe.

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