Boeing has given CEO Dennis Muilenburg his walking papers. This, after months of bad PR, public floggings on Capitol Hill and a global grounding of the most important model in its commercial aviation fleet.
Muilenburg joined the Chicago-based company as an intern in 1985 and rose through the ranks to become CEO in 2015. But his handling of the crisis surrounding the crashes of two 737 Max planes recently led the company’s board to strip him of his chairmanship, and on Monday the company announced that he’s leaving altogether. Board Chairman David Calhoun, a GE executive, will replace Muilenburg as chairman on Jan. 13.
In other Chicago-area business news:
A proposal for a $20 billion mixed-use complex and transit center west of Soldier Field is regaining some momentum.
The proposed One Central project was given extra time to apply for a federal loan. Instead of the end of the year, project developers will now have until Sept. 30.
The provision for the extension was tucked into a must-pass bill funding operations of the federal government.
Up next for the One Central project, developers will have to pitch the idea for what essentially amounts to an entirely new neighborhood to Mayor Lori Lightfoot and residents.
And finally, Sears is offloading another longtime brand.
Advance Auto Parts will buy DieHard, the struggling retailer’s car battery brand, for $200 million in cash.
The move follows news earlier this year that Sears had hired investment bankers to advise on potential asset sales, including DieHard.
Sears has spent the last several years selling key brands to generate cash. In 2017, it sold the Craftsman tool brand to Stanley Black & Decker.
Crain’s Headlines is a joint production between WTTW and Crain’s Chicago Business. It airs every Monday through Thursday on the WTTW News program “Chicago Tonight.”