Boeing president Muilenburg to succeed CEO McNerney

Seattle

BOEING Co said on Tuesday that president Dennis Muilenburg will take over as chief executive officer on July 1, a transition that comes as the aerospace giant tries to keep pace with a historic boom in the commercial jet market and build its defence business amid tight military budgets.

Mr Muilenburg, 51, will succeed 65-year-old Jim McNerney, who picked Mr Muilenburg as heir apparent in 2013.

Though the transition was expected, it comes as the world's largest planemaker is grappling with record demand for jetliners and weak military sales. It is speeding up its jetliner factories to unprecedented levels while introducing new models and overhauling production methods. It is also shuttering some military plane production, trying to ke…