Boeing’s Muilenburg to remain as CEO but lose chairman titlePosted: Updated:
Here’s the latest business headlines from Cheddar.
A big shakeup at Boeing: Dennis Muilenburg will remain CEO but will lose his chairman title on Friday. The company's board moved to split the CEO and chair roles in the wake of the 737 Max groundings. Muilenburg will remain as CEO to get the troubled jet back in the skies. The 737 is not expected to be re-authorized by regulators in time for the holiday travel rush. It's forced major carriers to cancel flights into mid-January, and is also driving up costs for the airlines.
A propaganda app built by the Chinese government has been revealed to have major security flaws that could allow the government to snoop on users. The app, called Study the Great Nation, is part of Beijing’s educational outreach and teaches “Xi Jinping Thought.” A German cybersecurity firm found a so-called back door in the app that could allow the government to see what else people are doing on their phones.
Softbank has reportedly prepared a financial package that would give it full control of WeWork and further sideline company management, including former CEO Adam Neumann, according to sources who spoke to The Wall Street Journal. Softbank already owns one-third of WeWork, which struggled through a disastrous launch and shelved a planned IPO after the company's valuation was slashed roughly in half, so it has a major stake in turning the company around. Reuters has also been reporting Softbank is in negotiations to make a $1 billion investment to restructure WeWork.