Boeing shareholders re-elect departing CEO Calhoun to board

Boeing CEO Dave Calhoun speaks briefly with reporters as he arrives for a meeting at the office of Sen. Mark Warner (D-VA) on Capitol Hill January 24, 2024 in Washington, DC.

Drew Angerer | Getty Images

Boeing shareholders voted to re-elect the outgoing CEO Dave Calhoun to the board of directors, a preliminary tally on Friday showed, as he sought to reassure investors that the manufacturer is on the path to stability amid its latest safety crisis.

Calhoun in March said he will step down by year’s end, months after a door plug panel blew out midflight from a Boeing 737 Max 9, ushering in new scrutiny of the manufacturer’s safety and quality control issues. Boeing also replaced its board chair and the head of its commercial airplane unit in the shakeup.

Boeing’s new chairman, Steve Mollenkopf, told shareholders at the company’s annual meeting Friday that he has consulted with investors and customers on Calhoun’s successor. Proxy advisor Glass Lewis had recommended that shareholders vote against Calhoun and two other board members.

Boeing’s latest problems have driven down deliveries of new aircraft, frustrating airline executives who have complained about having to change their flight schedules and scale back staffing. It has also further strained Boeing’s relationship with its regulator, the Federal Aviation Administration, which has ramped up inspections of the manufacturer.

Earlier this week, the Justice Department said Boeing violated a 2021 settlement that protected the company from criminal charges tied to the two fatal 737 Max crashes, opening Boeing up to potential U.S. prosecution.

Source: https://www.cnbc.com/2024/05/17/boeing-calhoun-reelected-shareholder-vote.html

Meet Jaydon Hermann, the driving force behind Business Press Daily. As our Editor-in-Chief, Jaydon is dedicated to delivering the latest and most insightful news in the business world. With a passion for uncovering stories that matter, Jaydon leads our team in providing you with the most up-to-date and informative newsroom experience.