The new Boeing CEO started as an intern at the company
The Chicago-based airplane maker decided to promote from within its ranks with Muilenburg, 51, who currently serves as the company's president, COO, and vice chairman.
Muilenburg will succeed James McNerney as the 10th chief executive in the company's history.
"Dennis is an extremely capable, experienced and respected leader with an immense passion for our company, our people, and our products and services," McNerney said in a statement.
"As CEO, Dennis will bring a rich combination of management skills, customer focus, business and engineering acumen, a can-do spirit and the will to win."
Muilenburg is a 30-year Boeing veteran who joined the company in 1985 as an engineering intern and holds degrees from Iowa State University and the University of Washington.
Prior to his posting as COO and president, Muilenburg also spent time running Boeing's Global Support and Services business as well as the company's Defense Space and Security division.
Outgoing CEO, James McNerney will remain with the company as chairman of the board.
Boeing is one of the world's largest aviation and defense firms with revenues of over $90 billion in 2014.
On Tuesday, Boeing shares closed down at around $144 per share.
