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Boeing 737 Max

With the company under intense scrutiny in investigations into two deadly plane crashes, Boeing's board of directors has stripped CEO Dennis Muilenburg of his dual role as company chairman.

In a statement on Friday, the Chicago-based aerospace giant says it has separated the top two roles so that chief executive Muilenburg can "focus full-time on running the company as it works to return the 737 Max safely to service, ensure full support to Boeing's customers around the world, and implement changes to sharpen Boeing's focus on product and services safety."

Updated at 5:48 p.m. ET

The Federal Aviation Administration says it is temporarily grounding all Boeing 737 Max aircraft operated by U.S. airlines or in U.S. territory.

The announcement Wednesday afternoon follows decisions by many other countries to ground the planes after 157 people died in Sunday's crash of an Ethiopian Airlines 737 Max 8.