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Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Boeing announced Monday that CEO Dennis Muilenburg has resigned effective immediately after its board of directors "decided that a change in leadership was necessary to restore confidence."

Why it matters, via Axios' Dan Primack: The aftermath of the aircraft maker's twin 737 MAX crashes, which killed 346 people, laid bare a culture in which safety concerns were discounted — and federal regulators were treated as little more than malleable rubber stamps.

  • Muilenburg managed to survive more than a year after the first 737 MAX crash, which took place in Indonesia in October 2018.
  • He's been unable to get Boeing's 737 MAX fleet back in operation after it was grounded by regulators across the globe, and last week the company announced an indefinite production stoppage that was at one point unthinkable.
  • Boeing's failure related to its Starliner spacecraft, which proved unable to dock with the International Space Station (although it did return safety to Earth yesterday).

The big picture: Muilenburg has led Boeing since 2015, and he had previously been heralded for achieving record profits and tripling the company's stock price.

  • But the company's profits have sagged thanks to the 737 MAX debacle, even turning a loss in Q2. Shareholders have lost more than $65 billion since March.
  • Muilenburg was stripped of his chairman title in October and recently vowed to forgo any 2019 bonuses, but he continues to lead the company and earn millions of dollars in base salary.

The state of play: Boeing shares were up around 1.5% in pre-market trading, and opened more than 3% higher.

What's next: David Calhoun, who took over as chairman from Muilenburg in October, becomes the company's president and CEO.

  • It's unclear if those upset with Muilenburg's leadership will welcome Calhoun's installation, or would prefer a fresh start.
  • He's been on Boeing's board of directors since 2009 and is a former GE exec and ex-CEO of television ratings firm Nielsen, who has spent the past five years with private equity giant The Blackstone Group. A Blackstone spokesperson says he has resigned his position with the firm.
  • Board member Larry Kellner, who previously was CEO of Continental Airlines, will become chairman.

Go deeper: Boeing's Teflon CEO

Go deeper

U.S. grants temporary protected status to thousands of Venezuelans

Venezuelan citizens participate in the vote for the popular consultation in December 2020, as part of a protest against Venezuelan President Nicolás Maduro in Doral, Florida. Photo: Chandan Khanna/AFP

Venezuelans living in the United States will be eligible to receive temporary protected status for 18 months, the Department of Homeland Security announced Monday.

Why it matters: Tens of thousands of Venezuelans have fled to the U.S. amid economic, political and social turmoil back home. Former President Trump, on his last full day in office, granted some protections to Venezuelans through the U.S. Deferred Enforced Departure program, but advocates and lawmakers said the move didn't go far enough.

"She-cession" threatens economic recovery

Illustration: Sarah Grillo

Decades of the slow economic progress women made catching up to men evaporated in just one year.

Why it matters: As quickly as those gains were erased, it could take much, much longer for them to return — a warning Treasury Secretary Janet Yellen issued today.

The Week America Changed

Sandberg thought Zuckerberg was "nuts" on remote work in January 2020

Photo illustration: Sarah Grillo/Axios. Photo: Paul Marotta/Getty Image

Chief operating officer Sheryl Sandberg thought Mark Zuckerberg was "nuts" when he raised the possibility in January 2020 that 50,000 Facebook employees might have to work from home. By March 6, they were.

Why it matters: In an interview Monday with Axios Re:Cap, Sandberg explained how Facebook moved quickly to respond to the pandemic with grants for small businesses and work-from-home stipends for its employees, and how the company has been watching the unfolding crisis for women in the workforce.