Boeing's chief said Thursday the $2.5 billion settlement of US criminal charges following two 737 MAX crashes is "the right thing" to address the company's failings, its chief executive said Thursday.

"I firmly believe that entering into this resolution is the right thing for us to do -- a step that appropriately acknowledges how we fell short of our values and expectations," Chief Executive David Calhoun said in a statement.

"This resolution is a serious reminder to all of us of how critical our obligation of transparency to regulators is, and the consequences that our company can face if any one of us falls short of those expectations."

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