CNBC Television Jim Cramer: New Boeing CEO David Calhoun has to stop the leaks
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Boeing is entering a new era as Chairman David Calhoun takes over as CEO. CNBC’s Jim Cramer breaks down where the company can go from here.
CNBC’s Jim Cramer said Friday that he feels like a “clown” for defending Boeing in the early days of the 737 Max scandal.
Cramer expressed that regret one day after Thursday’s release of more than 100 pages of internal Boeing communications, in which company employees boasted about bullying regulators to approve the now-grounded 737 Max without requiring pilots to undergo simulator training.
“I’m totally shocked,” Cramer said on “Squawk on the Street.” “I feel like a ‘clown’ and a ‘monkey’ defending everything. I was defending them more than they were defending themselves.”
Cramer’s use of the words “clown” and “monkey” evoked one of the newly public messages that one Boeing worker sent to another in April 2017 about the 737 Max, which read: “This airplane is designed by clowns who in turn are supervised by monkeys.”
The entire Max fleet was grounded in March 2019 after the second of two deadly crashes within five months of each other involving those jets. The tragedies claimed 346 lives. The other crash happened in October 2018.
The messages Boeing released publicly Thursday had already been shared with the Federal Aviation Administration and lawmakers. The FAA said the messages did not reveal any new safety risks. Boeing said the messages “do not reflect the company we are and need to be, and they are completely unacceptable.”
Cramer said Friday: “I think what was disturbing to a lot of us was we thought Boeing’s culture had been one of the best. It turns out it wasn’t.” He added: “Now they have to make it the best. How quickly can you do it? Do you have to have someone from the outside?”
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