The world is supposed to notice when a major public corporation suddenly demotes its chairman—the head of the board of directors—particularly if that person has amassed as much power as Boeing CEO and President Dennis Muilenburg. In other words, the demotion is supposed to mean something. For many shocked observers, Boeing’s late-Friday Oct. 11 announcement that Muilenburg became just another director on the board is a consequence of Boeing’s 737 MAX fiasco. It is ...

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