The board at Boeing has extended the age-65 standard retirement to 70 for chief executive David Calhoun.

Calhoun, 64, has served as president since January last year.

“Under Dave’s strong leadership, Boeing has effectively navigated one of the most challenging and complex periods in its long history,” said Boeing chairman, Larry Kellner.

“His dedication to renewing the company’s commitment to safety, quality and transparency has been critical in building regulator and customer confidence as Boeing returns the 737 Max to service.

“And, in the face of unprecedented challenges brought on by the global pandemic, he has taken proactive actions to ensure Boeing remains strongly positioned for the recovery in the aviation industry.”

He added: “Given the substantial progress Boeing has made under Dave’s leadership, as well as the continuity necessary to thrive in our long-cycle industry, the board has determined that it is in the best interests of the company and its stakeholders to allow the board and Dave the flexibility for him to continue in his role beyond the company’s standard retirement age.”

While the action extends the mandatory retirement age for Calhoun to early 2028, there is no fixed term associated with his employment.

Boeing also announced that executive vice president, enterprise operations and chief financial officer, Gregory Smith, has decided to retire from the company, effective July 9th.

Boeing is conducting a search for a successor.