Boeing Shareholders Approve Outgoing CEO Dave Calhoun’s Nomination to the Board

Boeing shareholders have voted to re-elect outgoing CEO Dave Calhoun to the Board of Directors, a preliminary count on Friday indicated, as he aimed to assure investors of the company’s path to stability amidst its latest safety crisis.

Calhoun announced in March that he would step down by the end of the year, following an incident where a door plug panel blew out mid-flight on a Boeing 737 Max 9. This incident has brought renewed scrutiny to Boeing’s safety and quality control practices. In response, Boeing has replaced its Board Chair and the head of its commercial aeroplane unit.

At the company’s annual meeting on Friday, new chairman Steve Mollenkopf informed shareholders that he has been consulting with investors and customers about Calhoun’s successor. Proxy advisor Glass Lewis had advised shareholders to vote against Calhoun and two other Board members.

Boeing’s recent issues have led to reduced aircraft deliveries, frustrating airline executives who have had to adjust flight schedules and reduce staffing. These problems have also strained Boeing’s relationship with the Federal Aviation Administration, which has increased its inspections of the manufacturer.

Additionally, the Justice Department announced earlier this week that Boeing violated a 2021 settlement, which shielded the company from criminal charges related to the two fatal 737 Max crashes, potentially exposing Boeing to U.S. prosecution.