Dennis Muilenburg has been elected chairman of Boeing, effective from 1 March, succeeding Jim McNerney, who is retiring.

Muilenburg succeeded McNerney as Boeing’s chief executive and joined the board in July 2015. He was president and chief operating officer between 2013 and 2015, having served as president and CEO of Boeing Defense, Space & Security. McNerney joined the Boeing board in 2001 and was elected chairman in 2005.

Boeing independent lead director, Kenneth Duberstein says: “Dennis has proved that he has the leadership skills, energy and vision to build on the strong foundation that Jim established. 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.”