On Monday, Boeing CEO Dennis A. Muilenburg was fired, just one  week after the company announced it planned to suspend production of its troubled 737 Max airplanes, which were grounded after two crashes killed 346 people. Muilenburg had been CEO since 2015; he will be replaced by Boeing Chairman David Calhoun.

The company said in a statement, “The Board of Directors decided that a change in leadership was necessary to restore confidence in the Company moving forward as it works to repair relationships with regulators, customers, and all other stakeholders.” Boeing’s stock jumped more than 3 percent immediately after the announcement.

Last week ago, Boeing announced it was suspending production of the troubled 737 Max airplanes in January. Production of the planes, which were grounded globally after the two crashes, will remain on hiatus until regulators determine when they can be certified and returned to service, Boeing said.

Boeing CEO is fired

Via abcnews.go.com

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