Boeing (BA) CEO Dave Calhoun will step down at the end of the year, the company announced Monday.

Calhoun's departure comes as the plane maker has dealt with a raft of production and quality control issues this year, most notably when one of its 737 MAX 9 planes flown by Alaska Air (ALK) lost a panel in mid-flight back in January.

Last week, Boeing CFO Brian West said the company would see cash outflows of up to $4.5 billion during the current quarter as it works to shore up its production lines.

Boeing stock rose as much as 2.5% following the news. Through Friday's close, the stock had lost more than 27% this year.

The company also announced Monday that Larry Kellner, chairman of its board, will not stand for reelection at the company's upcoming annual shareholders meeting. Steve Mollenkopf, the former CEO of Qualcomm and a Boeing board member since 2020, will replace Kellner and lead the company's search for its next CEO. Boeing also said Stan Deal, currently CEO of its Commercial Airplanes segment, will retire.

In a letter to employees on Monday, Calhoun said the Alaska Air incident "was a watershed moment for Boeing."

"The eyes of the world are on us," Calhoun added, "and I know we will come through this moment a better company, building on all the learnings we accumulated as we worked together to rebuild Boeing over the last number of years."

Calhoun was named Boeing CEO back in January 2020 as the company grappled with repercussions following the crash of two 737 MAX jets — a Lion Air flight in October 2018 and an Ethiopia Airlines flight in March 2019. These crashes together resulted in the death of 346 people.

In his letter, Calhoun said he'd been weighing a decision to step down for "some time."

Calhoun's time at Boeing mired in production issues

Calhoun succeeded Dennis Muilenburg, Boeing's CEO from 2015 to 2019, who was at the helm during the 737 Max crashes and subsequent global grounding of the Max fleet.

Calhoun’s tenure began with Boeing suspending all production of its 737 jets in January 2020. At the time, it was Boeing’s biggest assembly line halt in more than 20 years. Boeing restarted production at a “low rate” in May of that year, and the Federal Aviation Administration (FAA) lifted its grounding order for the 737 Max in November.

A year after Calhoun’s arrival, Boeing and the Department of Justice (DOJ) agreed to pay a $2.5 billion fine to resolve a criminal charge related to conspiracy to defraud the FAA in connection with evaluating Boeing’s 737 Max jet.