Boeing CEO Dennis Muilenburg has stepped down after a disastrous year.

Boeing, the world's largest aerospace company, faced a series of setbacks this year, including delays and numerous issues with its 737 Max airplane and Starliner spacecraft, CNN reported.

Chairman David Calhoun will take over as CEO, effective January 13, 2020.

Boeing said in a press release that its board of directors decided "a change in leadership was necessary to restore confidence in the company moving forward as it works to repair relationships with regulators, customers, and all other stakeholders."

Muilenburg, 55, became CEO of the world's largest aerospace company in July 2015. He previously held the chairman role as well but relinquished that seat in October.

In a story posted on the CBC's website, Calhoun says he strongly believes in the future of Boeing and the 737 Max.

The leadership change follows Boeing's announcement last week that it would halt Max production in January, a move that will impact Canadian airlines and other airlines around the world.

To make a bad year worse, Boeing's new Starliner space capsule went off course on a planned trip to the International Space Station, heading into the wrong orbit due to a timing error. The unmanned vehicle landed safely on Sunday, the CBC said.