BA - Will Boeing's Outgoing CEO Dave Calhoun Retain His Board Status? Shareholders To Vote Today | Benzinga
Shareholders of Boeing Co. (NYSE:BA) are set to vote on the board status of departing CEO Dave Calhoun, adding a twist to the company’s annual general meeting (AGM).
What Happened: The vote will take place on Friday, during an AGM where investors are anticipated to seek clarity on the future leadership of the aerospace manufacturer, Reuters reported. The company is currently grappling with a series of crises, including multiple investigations, potential prosecution for past actions, and a decline in production of its best-selling jet.
Former Qualcomm CEO Steve Mollenkopf, who is leading the search for Calhoun’s replacement, will make his debut as chairman at the virtual gathering. Calhoun announced his retirement as part of a management shakeup following a mid-air blowout on a new 737 MAX 9 in January.
Proxy advisor Glass Lewis has urged shareholders to vote against the reelection of Calhoun and two other directors to Boeing’s board, citing dissatisfaction with efforts to transform the company’s safety culture. Meanwhile, proxy advisor ISS has highlighted a misalignment between CEO pay and company performance.
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