Boeing CEO ousted as 737 MAX crisis deepens

Boeing has announced that Chief Executive Officer Dennis Muilenburg is stepping down.

It comes as the planemaker suffered a series of setbacks with its 737 Max jetliner following twin fatal crashes. 

"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," a statement from the firm read.

Chairman David Calhoun will take over as chief executive and president from January 13.