Boeing CEO Dave Calhoun is stepping down at the end of 2024 as the aerospace giant grapples with fallout stemming from the 737 Max crisis. 

Calhoun, who was tapped to turn around the company in 2020, will "lead Boeing through the year to complete the critical work underway to stabilize and position the company for the future," the company said in a statement Monday. 

Aside from Calhoun's departure, Boeing announced an overhaul of its management team as it tries to turn around its reputation. 

Independent Board Chair Larry Kellner also announced plans to resign. He will be replaced by Steve Mollenkopf, who has been a Boeing director since 2020 and will be in charge of leading the process of selecting Boeing's next chief executive. 

Boeing Commercial Airplanes (BCA) chief Stan Deal will also step down effective immediately. 

This is a developing story. Check back for updates.