David Calhoun, a current member of Caterpillar's Board of Directors, will not seek re-election at the next Annual General Meeting, the American construction equipment manufacturer announced on Wednesday.

Calhoun, who had served on the board since 2011, announced last week that he had made the decision to step down as CEO of Boeing at the end of 2024.

This former director of private equity portfolio operations at Blackstone arrived at the helm of the aerospace giant in 2020.

He had previously been CEO of the Nielsen Holdings audience measurement institute, after spending 26 years at GE, where he headed several business units, including aircraft engines.

His resignation from Boeing comes as the aircraft manufacturer has been under scrutiny for several weeks by airlines, the FAA and the U.S. government over safety and design issues that have surfaced on several of its aircraft.

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