Boeing names veteran insider its new CEO

Boeing yesterday announced CEO Jim McNerney, who led the aerospace giant for the past decade, will step down July 1. His successor is Chief Operating Officer Dennis Muilenburg, who joined the company as an intern 30 years ago.

McNerney, who will stay on as board chairman, has reached Boeing's mandatory retirement age of 65, according to the Chicago Tribune.

Muilenburg, 51, has been COO of the company since 2013.

Read more from the Chicago Tribune.