Boeing’s embattled president and CEO Dave Calhoun has announced his decision to step down as CEO.

Calhoun will leave by the end of 2024, and will continue to lead the company until then.

“It has been the greatest privilege of my life to serve Boeing,” said Calhoun in a letter to employees. “The eyes of the world are on us, and I know that we will come through this moment a better company. We will remain squarely focused on completing the work we have done together to return our company to stability after the extraordinary challenges of the past five years, with safety and quality at the forefront of everything that we do.”

READ: Calhoun’s letter to employees

Additionally, Board Chair Larry Kellner has informed the board that he does not intend to stand for re-election at the upcoming Annual Shareholder meeting. The board has elected Steve Mollenkopf to succeed Kellner as independent board chair.  In this role, Mollenkopf will lead the board’s process of selecting Boeing’s next CEO.

Stan Deal, Boeing Commercial Airplanes President and CEO, will also retire from the company and Stephanie Pope has been appointed to lead BCA, effective today (March 25).

Pope has been serving as chief operating officer of Boeing since January of this year. Previously, she was president and chief executive officer of Boeing Global Services, where she was responsible for leading the company’s aerospace services for commercial, government and aviation industry customers worldwide. Prior, she was chief financial officer of Boeing Commercial Airplanes, and has held positions in every Boeing business unit.  She begins her role as President and CEO of Commercial Airplanes immediately.