Boeing taps Muilenburg for new chairman, effective March 1

Boeing's next board chair will be company veteran Dennis Muilenburg, the global airplane manufacturer said Monday.

Muilenburg will replace Jim McNerney, Jr., who is stepping down from the board as he retires from the company.

Muilenburg joined the company in 1985 as an engineering intern. His term as board chair is effective March 1.

"Dennis has proved that he has the leadership skills, energy and vision to build on the strong foundation that Jim established," Kenneth Duberstein, Boeing's independent lead director, said in a statement.

"We look forward to working with him for many years to come as we continue to serve our customers and shareholders, and create new opportunities for Boeing's next one hundred years," he added.