"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," the company said in a statement. "Under the Company's new leadership, Boeing will operate with a renewed commitment to full transparency, including effective and proactive communication with the FAA, other global regulators and its customers."

Muilenburg's resignation from his position as CEO and board direction is effective immediately. The company's chief financial officer Greg Smith will serve as interim chief executive office during the transition period. Calhoun will assume his role as CEO and president beginning Jan. 13 of next year.

Boeing is still trying to regain its footing after the crashes of two passenger jets that killed 346 people and prompted a global grounding of the 737 Max aircraft. On Friday, a Boeing aircraft designed to fly NASA astronauts to space did not achieve the correct orbit. The latest misstep forced the cancellation of the craft's planned mission to the International Space Station.