He will continue to lead Boeing through the year to complete the critical work underway to stabilise and position the company for the future.
The company is under pressure following a door blew-out mid-air of a Boeing 737 Max in January, described as "a watershed moment for Boeing".
CEO and President of its Commercial Airplanes division, Stan Deal, is also retiring with immediate effect and Chairman Larry Kellner says that he does not intend to stand for re-election.
The board has elected Steve Mollenkopf to succeed Kellner as independent board chair who will lead the board's process of selecting Boeing's next CEO.
In a statement released today, Calhoun said: "As you all know, the Alaska Airlines Flight 1282 accident was a watershed moment for Boeing. We must continue to respond to this accident with humility and complete transparency. We also must inculcate a total commitment to safety and quality at every level of our company."
He added: "It has been the greatest privilege of my life to serve in both roles and I will only feel the journey has been properly completed when we finish the job that we need to do. We are going to fix what isn’t working, and we are going to get our company back on the track towards recovery and stability."
