Boeing’s board of directors raised the mandatory retirement age for CEO David Calhoun from 65 to 70 just days after he turned 64.

The board’s vote of confidence for Calhoun comes as Boeing continues to struggle to recover from two crashes of its best-selling airliner and the coronavirus pandemic, which has undermined demand for new planes. Boeing lost nearly $12 billion last year as orders and deliveries plunged.

Boeing also announced Tuesday that Chief Financial Officer Gregory Smith, 54, will retire in July. A search has begun for a successor to Smith, who has been CFO since 2011 and served as interim CEO after Boeing ousted Dennis Muilenburg in December 2019.

Boeing shares fell 4.6% in afternoon trading. The moves were announced shortly before the company’s annual shareholder meeting, which was conducted online.

The Boeing board has been criticized for its oversight during development of the 737 Max plane.