Boeing Co BA on Thursday said it would shift its corporate headquarters to Arlington, Virginia from Chicago, Illinois — a move that would help its senior management and other key members get closer to decision-makers at the White House.

What Happened: The planemaker said its Arlington, Virginia campus just outside Washington, D.C. will serve as its global headquarters and bring it closer to “customers and stakeholders.”

Boeing said it also plans to develop a research and technology hub in the Arlington area.

“The region makes strategic sense for our global headquarters given its proximity to our customers and stakeholders, and its access to world-class engineering and technical talent,” President and Chief Executive Officer Dave Calhoun said.

Boeing will maintain a significant presence at its Chicago location and the surrounding region.

See Also: Boeing Stock Slides On Q1 Results, Loss Widens

Why It Matters: Boeing is still emerging from the shocks of two fatal crashes involving its 737 MAX planes that killed 346 people and led to a global grounding of the jets between March 2019 and December 2020.

Northern Virginia is also home to many of the Pentagon’s defense contractors. 

In 2001, Boeing had moved its corporate headquarters to Chicago from Seattle.

Price Action: Boeing closed 4.14% lower at $150.47 on Thursday.

Photo courtesy: Steve Lynes on Wikimedia