He replaced W. James McNerney, who stepped down July 1.

"Dennis is an extremely capable, experienced and respected leader with an immense passion for our company, our people, and our products and services," said McNerney.

In regular trading, before the announcement, shares of BA slid 0.9%. In the wake of the announcement -- shortly after the market closed -- the stock slid another 0.4% in after-hours trading.

Muilenburg, 51, was previously vice chairman, president and chief operating officer of The Boeing Company.

"The opportunity to lead the people of Boeing in service to our commercial and government customers is a tremendous honor and responsibility," he said in a statement on Boeing's website.

In its annual market forecast earlier this month, Boeing said the world's airlines will need 38,050 more airplanes over the next two decades and that the future was bright.