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Dave Calhoun
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David L. Calhoun (born April 18, 1957) is an American executive who was the president and chief executive of Boeing from January 2020 to August 7, 2024. In March 2024, Boeing announced that Calhoun would step down as chief executive by the end of 2024.[1][2]

Key Information

He was previously Boeing's chairman and was appointed CEO after his predecessor Dennis Muilenburg was fired amid safety concerns with the Boeing 737 MAX following two fatal crashes that claimed the lives of 346 passengers and crew on board.[3][4]

Early life and education

[edit]

Calhoun was born April 18, 1957, in Allentown[5] and grew up in Allentown, Pennsylvania. He attended Parkland High School in South Whitehall Township, Pennsylvania, graduating in 1975. In high school, Calhoun was one of three captains of the varsity basketball team and played golf.[6] He attended Virginia Tech, graduating in 1979 with a degree in accounting.[5][6]

Career

[edit]

After graduating from college, Calhoun was hired by General Electric (GE). He decided to join GE in part because he would be working in Lehigh Valley in eastern Pennsylvania, where he grew up.[5] He worked at GE for 26 years, overseeing transportation, aircraft engines, reinsurance, lighting and other GE units, before being appointed vice chairman and a member of GE's Board of Directors in 2005.[7]

Calhoun left GE to join privately held global information services firm VNU as CEO in 2006. Under his leadership, the company rebranded itself as Nielsen Holdings, returned to the public markets in 2011, and was added to the S&P 500 Index in 2013.[8] In 2014, Calhoun became executive chairman of Nielsen, and also joined The Blackstone Group as a Senior Managing Director and head of Private Equity Portfolio Operations.[9] He also became a member of Blackstone's management committee.

At Boeing, Calhoun was a director, starting in 2009, and was named lead independent director in 2018.[10][6] The company separated the roles of chairman and chief executive officer in the fall of 2019 so that Muilenburg could "implement changes to sharpen Boeing's focus on product and services safety", according to a press release.[11] At the same time, the board named Calhoun non-executive chairman.

In March 2024, Boeing announced that Calhoun would be stepping down at the end of the year.[12][13]

Public comments on accidents involving Boeing aircraft

[edit]

In a March 2020 interview with The New York Times, Calhoun discussed the 737 MAX's MCAS software, saying that Boeing had made a "fatal mistake" in expecting that pilots could immediately correct the software problems. He went on to explain that "pilots [in Ethiopia and Indonesia] don't have anywhere near the experience that they have here in the U.S." He unsuccessfully requested to go off the record after being asked whether American pilots would have been able to control the situation, and then replied, "[f]orget it, you can guess the answer."[14]

On January 5, 2024, a door plug on a Boeing 737 MAX 9 aircraft operated by Alaska Airlines (Alaska Airlines Flight 1282) blew out, causing an uncontrolled decompression. The aircraft returned to Portland, Oregon, for an emergency landing. There were no fatalities. The National Transportation Safety Board and the FAA announced investigations.[15] At a staff meeting on January 9, Calhoun acknowledged Boeing's responsibility. "We are gonna approach this—No. 1—acknowledging our mistake", he told employees. Calhoun added that he had been "shaken to the bone" by the accident.[16][17]

No Aircraft to Compete with Airbus 321-NEO

[edit]

Boeing cancelled the New Midsize Airplane (NMA) in early 2020, and quashed any notion that it may develop an all-new airliner late in the 2020s, which meant Boeing had nothing to compete with Airbus and its A321s New Engine Option (NEO).[18][19] Airlines responded by ordering Airbus A321-NEO in record numbers. There were over 1300 A321-NEO orders over the next twelve months after the Boeing announcement.

Boeing compensation

[edit]

In 2022, Calhoun received $22.5 million from Boeing. Most of his 2022 compensation was in the form of estimated value of stock and option awards. He received the same $1.4 million salary as in 2021.[20][21]

Boeing announced in March 2023 that Calhoun would not receive a $7 million performance-based bonus, which had been tied to getting the new widebody 777X into service by the end of 2023.[20][22]

In February 2023, Boeing awarded Calhoun an incentive of about $5.29 million in restricted stock units to "induce him to stay throughout the company's recovery". In March 2023, Boeing announced Calhoun was being given shares worth $15 million that will vest in installments over three years.[23][24]

Personal life

[edit]

Calhoun and his wife, Barbara, have four children.[5]

Philanthropy

[edit]

In 2018, Calhoun gave $20 million to Virginia Tech to create the Calhoun Honors Discovery Program.[25]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Dave Calhoun

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from Grokipedia
David L. Calhoun is an American business executive who served as president and chief executive officer of from January 2020 to December 2024. Calhoun joined 's board in 2009 after a 26-year career at , where he led divisions including GE Aircraft Engines and , emphasizing operational safety and efficiency. Prior roles included senior positions at The Blackstone Group and as CEO of . Appointed amid the fallout from two fatal 737 MAX crashes, Calhoun prioritized rebuilding 's engineering and safety focus, implementing organizational changes to prioritize quality over production speed. However, his faced criticism for persistent quality control failures, including the January 2024 door plug blowout on a 737 MAX 9, multiple whistleblower allegations of retaliation and corner-cutting, and intensified oversight, contributing to production delays and financial losses exceeding $30 billion. In March 2024, Calhoun announced his departure by year-end as part of a broader shakeup, amid congressional hearings where he apologized to crash victims' families but defended the company's accountability measures.

Early life and education

Upbringing and academic background

David L. Calhoun was born on April 18, 1957, in , . He grew up in South Whitehall Township, Lehigh County, near Allentown. Calhoun attended and graduated from Parkland High School in Allentown. Calhoun enrolled at Virginia Polytechnic Institute and State University (Virginia Tech), following a family tradition; his great-uncle, William Slater Cowart, had graduated from the university in 1910 with a degree in civil engineering. He received a Bachelor of Science degree in accounting from Virginia Tech in 1979.

Professional career

Tenure at General Electric

David L. Calhoun joined General Electric (GE) in 1979 after graduating from Virginia Tech with a degree in accounting, beginning in the company's Financial Management Program. In 1981, he moved to the corporate audit staff, and by 1986, he served as manager of programs and technology for GE Transportation Systems. During his 26-year tenure at GE, Calhoun held roles in operations, finance, and marketing, eventually leading multiple business units as president and chief executive officer. These included GE Lighting, GE Employers Reinsurance Corp., GE Transportation, and GE Aircraft Engines, the latter emphasizing safety in aviation operations. In 2005, Calhoun was appointed vice chairman of GE and president and chief executive officer of GE Infrastructure, the company's largest business segment at the time, overseeing its formation and operations. He departed GE in 2006 to lead .

Executive roles at Nielsen Holdings

David L. Calhoun joined plc, a global leader in and data analytics, as in August 2006, shortly after the company's acquisition by a consortium of firms including Blackstone, KKR, and for $5.75 billion. In this capacity, he oversaw the integration of post-acquisition operations and strategic expansion into measurement amid the shift from traditional television ratings to multi-platform analytics. Calhoun's CEO tenure lasted until December 31, 2013, during which Nielsen completed its on the in January 2011, raising approximately $1.6 billion and achieving a exceeding $20 billion at debut. He focused on operational efficiencies and global growth, expanding the company's presence in emerging markets and enhancing data capabilities for advertisers and media companies. In January 2014, following the promotion of Mitch Barns to CEO, Calhoun assumed the role of Executive Chairman of the Board, serving until January 2016. This non-executive position allowed him to provide oversight on board-level strategy while transitioning to Senior Managing Director at Blackstone, where he headed portfolio operations; he departed the Nielsen board entirely in February 2017.

Appointment and leadership at Boeing

On December 23, 2019, Boeing announced the appointment of David L. Calhoun as president and chief executive officer, effective January 13, 2020, replacing who had been ousted amid the fallout from two fatal 737 MAX crashes in 2018 and 2019. Calhoun, a board member since June 2009 and lead at the time, brought over 25 years of experience from , including leading GE Aviation from 2000 to 2005. The board cited his deep industry knowledge and track record in managing complex global operations as key reasons for his selection during the company's reputational and regulatory crisis. Calhoun formally assumed the CEO role on , 2020, inheriting challenges including the ongoing global grounding of the 737 MAX fleet and intensifying scrutiny from regulators and . In his initial address to employees, he stressed the need for a renewed focus on excellence, and accountability, pledging to rebuild trust with customers, regulators, and the public. He also committed to cultural reforms within , emphasizing transparency and employee empowerment in decision-making processes. Throughout his leadership, Calhoun prioritized stabilizing Boeing's commercial airplanes division by overseeing the 737 MAX recertification process, which culminated in FAA approval and return to service on December 28, 2020. He advocated for investments in workforce training and supply chain resilience, while navigating external pressures such as the pandemic's impact on air travel demand. Calhoun's approach involved direct engagement with stakeholders, including frequent communications with the FAA and international regulators, to address systemic issues in design, production, and . In April 2021, the board extended his tenure beyond the standard retirement age of 65, setting a new limit of 70 to provide continuity amid recovery efforts.

Resignation and transition from Boeing

On March 25, 2024, Boeing announced that Dave Calhoun intended to step down as president and CEO by the end of 2024, following a series of safety incidents including the January 5, 2024, decompression event on Flight 1282 involving a 737 MAX 9 door plug component. Calhoun, who assumed the role on January 13, 2020, described the decision as his own, emphasizing a commitment to restoring trust in the company's safety culture during his remaining tenure. The announcement coincided with broader leadership changes, including the departure of board chair (effective immediately, replaced by Steve Mollenkopf, former CEO) and the retirement of commercial airplanes CEO Stan Deal, with Stephanie Pope appointed to that position. Boeing's board initiated an external search for Calhoun's successor, prioritizing candidates with expertise amid federal investigations by the FAA and NTSB into lapses. Calhoun continued leading efforts to address , including submitting a comprehensive and action plan to the FAA in response to mandates following the incident. In 2024, Calhoun forfeited his $2.8 million cash bonus for the prior year, citing accountability for the company's performance shortfalls. On July 31, 2024, accelerated the transition by appointing Robert "Kelly" Ortberg, former CEO of (later ), as president and CEO effective August 8, 2024, four months ahead of the original timeline. Ortberg, who joined the board concurrently, was selected for his operational experience in aerospace supply chains and manufacturing, with Calhoun praising the choice as pivotal for 's recovery. Calhoun's exit marked the end of his oversight of 's response to the 737 MAX groundings, production rate constraints imposed by regulators, and a $33.5 billion commercial aircraft backlog strained by quality issues.

Key achievements and challenges at Boeing

Calhoun assumed the role of Boeing's president and CEO on January 13, 2020, shortly before the COVID-19 pandemic disrupted global aviation. In response to escalating cases and government guidance, Boeing temporarily suspended production operations at its Puget Sound facilities starting March 23, 2020, for a 14-day period to prioritize employee safety and assess supply chain viability. This halt compounded existing challenges from the 737 MAX grounding, leading to a sharp decline in commercial deliveries to 157 aircraft in 2020, down from 380 in 2019, as airlines deferred orders amid plummeting demand. Calhoun publicly forecasted a protracted industry recovery, estimating two to three years to regain 2019 travel volumes followed by additional years for full fleet replenishment, citing structural shifts in air travel patterns. To adapt to ongoing uncertainty, Boeing adjusted production rates across its commercial programs in July 2020, scaling back output for models including the 737, 767, and 777 to align with reduced orders and supply constraints. These measures contributed to Boeing's record $11.9 billion net loss for , driven by pandemic-induced revenue shortfalls and fixed costs during low-activity periods. Calhoun emphasized a balanced approach in employee communications, focusing on cash preservation, debt reduction, and selective investments in production stabilization while warning of persistent airline sector fragility. Recovery efforts gained traction in subsequent years as vaccination rollouts and travel resumption enabled gradual production ramp-ups. By 2022, Boeing delivered 340 , nearing pre-pandemic levels, with 737 MAX output stabilized at 31 units per month and plans to increase to 50. For the 787 Dreamliner, Calhoun targeted restoration to pre-COVID rates of 14 per month by mid-decade, though bottlenecks—exacerbated by disruptions—delayed progress and were projected to persist for years. Despite these advances, 2023 financials reflected ongoing hurdles, with Calhoun acknowledging that full post-COVID and MAX-related recovery required sustained operational discipline amid pressures.

Financial restructuring and shareholder value

Upon assuming the CEO role on January 13, 2020, Dave Calhoun directed toward aggressive cash preservation and cost discipline amid the 737 MAX grounding's aftermath and the downturn, which halted demand. The company raised roughly $25 billion in debt early that year to fund operations, pushing total debt to a peak of $63.85 billion by December 31, 2020. To safeguard liquidity, suspended its quarterly dividend and program in March 2020—a halt that persisted through Calhoun's tenure, forgoing billions in potential distributions. Restructuring emphasized debt reduction and operational efficiencies, with total debt falling to $58.37 billion in 2021 and $57.27 billion by 2022 through disciplined spending and partial recovery in deliveries. Workforce reductions formed a core element, including the elimination of approximately 19,000 positions in 2020—about 13% of the global headcount—via furloughs, early retirements, and layoffs, alongside production pauses and supplier negotiations to trim overhead. targets underscored these priorities; after negative flows in 2020-2022, Boeing generated $4.43 billion in 2023, aligning with guidance of $3-5 billion, though the aspirational $10 billion annual goal set for 2025-2026 was postponed amid and quality constraints. Despite these measures, shareholder value eroded significantly, as Boeing's stock price dropped about 43% from roughly $330 per share at Calhoun's start to around $191 by March 2024, lagging the S&P 500's gains and Airbus's share appreciation. Annual net losses totaled over $30 billion across his tenure, driven by writedowns, defense program charges, and stalled commercial output, leaving elevated at approximately $55 billion by late 2023 and no resumption of capital returns to investors. These outcomes reflected trade-offs between short-term financial and persistent execution hurdles, including regulatory that impeded production ramps essential for revenue recovery.

Safety culture reforms and regulatory compliance

Upon assuming the role of Boeing's CEO on January 13, 2020, David Calhoun inherited a mandate from a 2021 deferred prosecution agreement with the U.S. Department of Justice stemming from the 737 MAX crashes, which required the company to implement a comprehensive compliance and ethics program, including enhanced safety protocols. This included establishing a (SMS) to systematically identify and mitigate risks, with the (FAA) approving Boeing's voluntary SMS for commercial airplanes later that year. Calhoun publicly committed to fostering a "speak-up" culture where employees could report safety concerns without retaliation, integrating this into performance incentives and training programs. In response to ongoing quality lapses, including the January 5, 2024, Flight 1282 incident involving a mid-exit door plug blowout on a 737-9 MAX, the FAA grounded 171 and launched an revealing non-compliance in 33 of 89 production points at Boeing's facilities. Calhoun's leadership oversaw the rollout of Boeing's Safety and Quality Plan in May 2024, emphasizing four pillars: workforce training investments exceeding prior levels, process simplification to reduce errors, defect elimination through enhanced inspections, and cultural elevation via expanded anonymous reporting tools and leadership accountability metrics. The plan incorporated six key performance indicators (KPIs) for safety reporting and compliance, with commitments to integrate data analytics for proactive hazard detection. Regulatory compliance efforts intensified with FAA directives in April 2024 mandating a structured across Boeing's operations, building on the 2021 agreement and addressing audit findings of inadequate oversight in supplier ' fuselage production. Calhoun testified before the U.S. Senate Commerce Committee on June 18, 2024, acknowledging that Boeing's remained "far from perfect" and pledging further reforms, including revised incentive structures prioritizing safety over production speed. Despite these measures, FAA audits and whistleblower accounts through 2024 highlighted persistent gaps, such as suppressed employee concerns and rushed , contributing to production halts and contributing to Calhoun's announced departure by year-end. The FAA's September 2024 enforcement actions underscored that while structural reforms were initiated, full cultural embedding proved challenging amid pressure to resume 737 MAX deliveries.

Controversies and criticisms

Public statements on aircraft incidents

During a U.S. Commerce Committee hearing on June 18, 2024, Boeing CEO Dave Calhoun apologized directly to the families of victims from the 2018 and 2019 crashes involving 737 MAX aircraft, stating, "I am here on behalf of , standing shoulder-to-shoulder with the victims' families, to apologize for the grief that we have caused." He vowed to prioritize safety, acknowledging 's role in the incidents that killed 346 people and led to the global grounding of the 737 MAX fleet for nearly 20 months. In response to the January 5, 2024, incident where a door plug panel blew out mid-flight on Flight 1282, a 9, Calhoun addressed employees in an all-hands safety meeting on , 2024, admitting, "We're going to approach this, number one, acknowledging our mistake," and emphasizing that such events "can never happen on an ." He described the event as having "shook me to the bone" and committed to transparency in the investigation. During 's January 31, 2024, earnings call, Calhoun reiterated corporate accountability, stating, "Boeing is responsible... We caused the problem," while outlining steps like production slowdowns and enhanced quality checks. Calhoun's prepared testimony for the June 2024 Senate hearing further conceded that had been "far from perfect," citing cultural issues and vowing reforms, though he defended the company's overall safety record amid scrutiny over whistleblower reports and regulatory findings. These statements occurred against a backdrop of FAA audits revealing non-compliance in 's processes, prompting Calhoun to pledge employee reporting incentives and halted non-essential production.

Allegations of profit prioritization over safety

Critics have alleged that during David Calhoun's tenure as Boeing CEO from January 2020 to March 2024, the company emphasized financial recovery and production acceleration over robust safety protocols, contributing to failures. These claims intensified following the January 5, 2024, incident on Flight 1282, where a mid-cabin door plug detached mid-flight from a Boeing 737-9 MAX, causing rapid decompression but no fatalities; the (NTSB) investigation concluded in June 2025 that the accident resulted from missing bolts and inadequate documentation of maintenance work, attributing it to Boeing's deficient processes and lack of records identifying responsible personnel. The (FAA) responded by grounding 171 Boeing 737-9 MAX aircraft for inspections and imposing production limits, citing systemic non-compliance in Boeing's manufacturing and supplier oversight. Whistleblowers have directly accused Boeing management under Calhoun of fostering a culture that pressured employees to prioritize output quotas and cost efficiencies at the expense of defect reporting and rigorous inspections. For instance, quality assurance investigator Sam Mohawk, a current Boeing employee, testified in June 2024 that the company improperly tracked and stored damaged parts for 737 MAX aircraft, including non-conforming components routed back into production without adequate scrutiny, amid directives to meet aggressive delivery schedules. Other whistleblowers, numbering over a dozen by mid-2024, reported retaliation for raising safety concerns, such as demotions or isolation, with Calhoun acknowledging during a U.S. Senate hearing on June 18, 2024, that such blowback had occurred despite company policies against it. These allegations echo earlier claims from figures like John Barnett, a former quality manager who died in March 2024 amid a lawsuit against Boeing, asserting that post-737 MAX crash (2018-2019) reforms were superficial, with persistent incentives to bypass safety checks to avoid production delays. In the June 2024 Senate Permanent Subcommittee on Investigations hearing, lawmakers, including Sen. , confronted Calhoun with evidence that Boeing's board and executives, including himself, had failed to enforce a comprehensive as pledged after the 737 MAX groundings, instead pursuing shareholder returns through measures like production ramps targeting 38 aircraft per month by late 2023. Critics, including in an October 2024 lawsuit against Boeing's board, argued that cost-cutting initiatives—such as outsourcing to suppliers like and reducing in-house engineering oversight—exacerbated defects traceable to rushed assembly lines, prioritizing quarterly earnings over long-term risk mitigation. Calhoun defended Boeing's record by noting slowed production post-incident, increased whistleblower , and FAA-mandated audits, but senators characterized these as reactive rather than preventive, accusing of "strip-mining" the company for profit amid unresolved cultural deficiencies inherited from prior financial pressures. Boeing's reliance on deferred prosecution agreements from prior MAX-related settlements, combined with FAA findings of hundreds of non-conformances in 2024 audits, fueled assertions that Calhoun's efficiency-driven approach—rooted in his background—mirrored a broader shift toward over engineering integrity, though the company maintained that safety investments exceeded $1 billion annually under his leadership. Independent analyses, such as those from experts, have linked these lapses to a post-2010 merger emphasis on metrics like return on net assets, which incentivized short-cycle production over durable quality controls, with Calhoun's era failing to reverse the trend despite public commitments.

Compensation amid performance scrutiny

David L. Calhoun's total compensation as CEO in 2023 amounted to $32.8 million, marking a 45% increase from $22.6 million in , despite the company's ongoing crises and financial losses exceeding $2.2 billion for the year. This package included a base salary of approximately $1.4 million, stock awards valued at over $27 million, and other incentives, though Calhoun declined eligibility for a $2.8 million performance bonus following the January 5, 2024, Flight 1282 door plug blowout incident involving a 9, which grounded dozens of aircraft and intensified FAA scrutiny. The compensation rise occurred against a backdrop of persistent challenges, including production delays, whistleblower allegations of quality lapses, and regulatory probes stemming from the 2018-2019 737 MAX crashes that killed 346 people, as well as 's failure to meet delivery targets amid supply chain disruptions. Shareholders approved Calhoun's 2023 pay package in May 2024 by a wide margin, even as faced lawsuits, congressional investigations, and a 30% decline since early 2024, reflecting debates over executive incentives tied more to financial metrics than outcomes. Critics, including U.S. senators during a June 18, 2024, hearing, questioned the alignment of such rewards with 's record, accusing Calhoun of prioritizing short-term profits—evident in cost-cutting measures post-737 MAX grounding—over rigor, which some attributed to a cultural shift under his since January 2020. responded by announcing plans to link more executive pay to and quality goals starting in 2024, but Calhoun's prior awards, largely in unvested , were not subject to as his end-of-2024 was framed as planned rather than for cause. Upon departure, Calhoun stood to receive around $24 million in vested shares and options accumulated during his tenure, underscoring how performance scrutiny did not retroactively diminish realized gains amid Boeing's $33 billion in accumulated losses since 2018. Analysts noted that while stock-based pay incentivized long-term value creation, Boeing's had eroded by over 40% from pre-2019 peaks, fueling arguments that compensation decoupled from operational exacerbated accountability gaps in high-stakes industries.

Personal life

Family and privacy

David L. Calhoun was born in , , and grew up primarily in , where family ties extended to educational institutions like through a great-uncle's attendance. He is married to Barbara Calhoun, and the couple has four children. Calhoun has publicly stressed the need for work-life balance, stating that while he could work around the clock, doing so would be unhealthy and cause one to "miss out on a lot of family life." Beyond these basic details, Calhoun has kept his family life private, with no extensive public disclosures about his children's identities, professional pursuits, or other personal aspects, consistent with his focus on career achievements over personal publicity. This reticence aligns with a broader pattern among high-level executives in avoiding media scrutiny on familial matters to preserve privacy amid professional controversies.

Philanthropy and civic engagement

Contributions to education and veterans' causes

In 2018, Calhoun personally donated $20 million to Virginia Tech's Honors College, his , to establish the Calhoun Honors , a pilot initiative focused on collaborative, interdisciplinary learning and . Of this amount, $15 million was allocated to endow scholarships for first-generation college students and those from underrepresented backgrounds, ranging from $1,000 partial awards to full coverage of tuition, fees, . The program emphasizes innovative curricula, , and access to higher education as a means to address socioeconomic disparities, reflecting Calhoun's stated belief in education's role in wealth distribution. Calhoun has further supported Virginia Tech through civic engagement, including co-chairing the university's "Invent the Future" fundraising campaign, which concluded in 2011 after raising over $1 billion for academic programs and facilities. He has served on the advisory council for the Pamplin College of Business and received the Alumni Distinguished Service Award in 2015 for his ongoing mentorship of students and advocacy for diversity in education. Under Calhoun's leadership as Boeing CEO, the company donated $50 million in 2021 to Virginia Tech's Innovation Campus in , aimed at expanding graduate-level technology programs with a focus on recruiting diverse talent, including scholarships and faculty hires. Calhoun described the gift as promoting a "skilled and diverse workforce" essential for industries like . Boeing also formed a $3 million partnership in 2018 with the Calhoun Honors to fund additional scholarships, experiential learning grants, and faculty positions. Regarding veterans' causes, Calhoun has publicly affirmed 's commitments during his tenure, emphasizing support for workforce transitions and rehabilitation amid economic challenges. In November 2020, he stated that was "proud to partner with leading veterans organizations to provide our global veteran communities and their families with essential workforce transition support, and recovery and rehabilitation programs that address ." This announcement accompanied $14.2 million in grants to 97 international veterans' organizations, building on over $41 million donated by since 2017 for similar initiatives, including $1 million to The Mission Continues for service programs and $500,000 to U.S.VETS for and services. By 2022, 's annual contributions to veterans reached $18.7 million, supporting over 800 events, programs, and organizations focused on transition training and family aid.

Board memberships and advisory roles

David L. Calhoun joined the Board of Directors on June 9, 2009, while serving as chairman and CEO of . He was elected Lead Independent Director effective April 30, 2018, and subsequently Non-Executive Chairman on October 11, 2019, following the separation of CEO and chairman roles. Upon assuming the CEO position on January 13, 2020, his board involvement aligned with executive leadership until his announced departure as CEO effective December 31, 2024; he transitioned to a special advisor role to the board thereafter. Calhoun served as a director on the Caterpillar Inc. board from 2011 until forgoing re-election at the 2024 annual shareholder meeting, effective post-April 2024. During his tenure, he acted as Presiding Director following the 2018 election of Caterpillar's CEO as chairman. In media and industrials, Calhoun held executive board leadership at , including as CEO from August 2006 and Executive Chairman from 2014 to 2016. He also served as Non-Executive Chairman of Gates Global, Inc. (later Gates Industrial), a position noted during his board service. Beyond directorships, Calhoun took on operational advisory responsibilities at The Blackstone Group as Senior Managing Director and Head of Portfolio Operations starting January 2014, focusing on portfolio company performance post-acquisition. He has been a member of the , an association of leading U.S. CEOs advocating on policy issues.

References

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