Boeing chief executive Jim McNerney is to stand down after ten years heading the US aircraft manufacturer to be replaced chief operating officer Dennis Muilenburg.

McNerney (65), who joined Boeing’s board of directors in 2001, continues as chairman and is set to retire at the end of February 2016.

Muilenburg, who has served as Boeing president and chief operating officer since 2013, becomes president and CEO on July 1.

Along with Boeing Commercial Airplanes president and CEO Ray Conner, Muilenburg has served as company vice chairman since 2013.

Conner remains in charge of the $60 billion Commercial Airplanes unit and will serve as sole company vice chairman, where he will continue working closely with Muilenburg on key corporate processes and “integrating cross-enterprise strategies and efficiencies.” The company said.

McNerney said: “As CEO, Dennis will bring a rich combination of management skills, customer focus, business and engineering acumen, a can-do spirit and the will to win.

“With a deep appreciation of our past accomplishments, and the energy and skill to drive those to come, he is well suited to lead our very talented Boeing team into its second century,” he added.

Muilenburg said: “Our company is financially strong and well positioned in our markets.

“As we continue to drive the benefits of integrating our enterprise skills, capabilities and experience – what we call operating as ‘One Boeing’ – we will find new and better ways to engage and inspire employees, deliver innovation that drives customer success, and produce results to fuel future growth and prosperity for all our stakeholders.”