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The board of Boeing votes to retain the company’s outgoing CEO

Boeing’s departing CEO Dave Calhoun was re-elected to stay on the troubled company’s board at its annual general meeting (AGM) on Friday, despite ongoing challenges including quality-control issues and a slumping production of its bestselling jet.

Shareholders voted for Calhoun to remain on the board, despite proxy advisor Glass Lewis recommending against his re-election, citing dissatisfaction over efforts to transform the company’s safety culture.

Calhoun announced that Boeing would meet with the Federal Aviation Administration (FAA) in a couple of weeks to present a final plan addressing the regulator’s concerns within a 90-day deadline. He emphasized Boeing’s commitment to meeting the FAA’s standards.

Regarding the CEO succession plan, the company has enlisted an external advisor to assist with the search for Calhoun’s replacement. Calhoun had previously announced his retirement by year-end following a management shakeup prompted by a January emergency involving a new 737 MAX 9.

Boeing’s future CEO will play a crucial role in steering the company through its current challenges and rebuilding trust among stakeholders. The search process has involved gathering feedback from customers, employees, and investors.

Boeing’s shares have experienced significant decline this year, reflecting investor concerns about the company’s ability to navigate its current crisis. Shareholders also supported a non-binding advisory vote on compensation, despite concerns raised by proxy advisor ISS regarding CEO pay and company performance alignment.

While investors await news of Calhoun’s successor, management experts emphasize the importance of appointing a new CEO with a technical background and deep aerospace expertise from outside the company. Potential candidates include Pat Shanahan of Boeing supplier Spirit AeroSystems and other industry leaders with relevant experience and credibility.

Sadhna B

Sadhna B

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