Boeing CEO’s Hands-Off Style Has Doubters as 787 Comeback Nears

Dave Calhoun was brought in as Boeing Co.’s chief executive officer to steer it through a crisis that unfurled after the crashes of two of its 737 Max jets. Yet so far during his tenure, problems just keep piling up.

The company’s stock has plunged 58% since his January 2020 arrival as Boeing has struggled to execute on key programs such as the 787 Dreamliner and Air Force One. Investors are unnerved by the $28 billion in cash the company burned through during the pandemic, as well as its blown deadlines and quality lapses. Calhoun has even endured public tongue-lashings from Boeing customers -- a rare spectacle that suggests they are unusually exasperated.

That track record has led some on Wall Street to call for Calhoun’s ouster and has raised questions about his leadership style. The CEO prefers empowering top lieutenants rather than getting in the weeds himself, a sharp turn from the details-obsessed approach of his predecessor, Dennis Muilenburg.

“I haven’t talked to one investor who thinks Calhoun is doing a good job, not one,” said Ron Epstein, analyst with Bank of America Corp. and former Boeing scientist.