Boeing has raised a mandatory retirement age for its current CEO, 64-year-old CEO Dave Calhoun. He would have had to retire at 65 years old, but the company has given him another five years to remain in the leading position.

Calhoun took the helm right in the middle of the Boeing 733 MAX scandal when Dennis Muilenburg stepped down. Calhoun has been in the role since January 2020 and will perform his duties up until April 2028. Before commencing as a CEO, Calhoun was a member of Boeing’s board since 2009.

The decision to extend the mandatory retirement age  is a vote of confidence in Calhoun’s leadership style. He has had to handle many complications brought up by the pandemic.

Boeing chairman Larry Kellner said, “Under Dave’s strong leadership, Boeing has effectively navigated one of the most challenging and complex periods in its long history. His dedication to renewing the company’s commitment to safety, quality and transparency has been critical in building regulator and customer confidence as Boeing returns the 737 MAX to service.“

Another piece of big news is that Boeing’s Executive Vice President, Enterprise Operations, and Chief Financial Officer (CFO) Gregory D. Smith is taking an early retirement while being just 54 years old.