Saturday, 10 Jun 2023

Boeing stock wipes out gains made during ousted CEO Muilenburg's tenure

(Reuters) – Boeing Co’s shares plunged another 20% on Monday, erasing all gains recorded during ousted CEO Dennis Muilenburg’s tenure, as the mounting economic fallout of the coronavirus pandemic added to uncertainty around the 737 MAX’s return to service.

The stock fell to a session low of $135.79, below the $138.72 it closed on the last trading day before Muilenburg’s appointment as chief executive officer on July 1, 2015.

Boeing shares had gained more than 136% during his tenure that abruptly ended with his resignation on Dec. 23.

The stock hit an all-time high of more than $446 on March 1, last year, days before the fatal crash of a 737 MAX jet flown by Ethiopian Airlines that led to the grounding of the 737 fleet worldwide.

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