A better option would be just to break up the company. Companies of this size probably should not be allowed to exist in the first place.

Which state officials would be competent to run a major avaition, defense, and aerospace company?

Perhaps forcing a new exectutive staff and/or board in some way, but don't see a literal state takeover ending well.

Oversight and managment/operations need to be separate. This mess happened partly because Boeing was given too much leeway in performing their own oversight.