Boeing Reelects Its Outgoing CEO To The Board Of Directors

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boeing to pay $50 million compensation

Boeing CEO Dave Calhoun, who presided over a near-disaster in the air earlier this year, was reelected to the company’s Board of Directors despite his statement that he would quit as CEO at the end of the year, according to a preliminary vote tally released on Friday.

Calhoun was the airline manufacturer’s top executive when a door panel flew off in an Alaska Airlines flight on January 5 due to defective plugs.

The tragedy has prompted government probes and suspicion regarding the company’s safety measures.

Calhoun announced his resignation in March. Boeing is looking for his successor. Two additional executives also announced their resignations.

He assured shareholders who voted that the corporation will continue to prioritize safety and quality issues in the face of increasing scrutiny.

Glass Lewis, the proxy counsel, had urged that shareholders vote against Calhoun and two other board members, advice that appears to have gone unheeded, despite the fact that it is not rare for a well-respected executive to remain with the company after leaving as CEO.

Boeing has lost more than $30 billion in the past five years.

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