U.S. aviation company Boeing on Monday announced its current chairman David Calhoun replaced Dennis Muilenburg as chief executive officer and president, days after the company suspended production of its 737 Max jetliner.

“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,” the company said in a statement.

Muilenberg stepped down from his positions as CEO and board member effective immediately. Calhoun’s new role will be effective Jan. 13.

Chief Financial Officer Greg Smith will serve

Read more: Boeing CEO Dennis Muilenburg out amid 737 Max issues