Crisis-ridden Boeing Hopes For Quiet Annual Meeting

New York, (APP - UrduPoint / Pakistan Point News - 17th May, 2024) Boeing's annual meeting on Friday comes amid an exceptionally difficult period for the crisis-ridden company, creating potential for drama at an event that is usually a snooze-fest.

The company, under heavy regulatory scrutiny following recent safety and quality control problems, has defeated shareholder proposals at past annual meetings that usually have lasted an hour or less.

While Boeing brass no doubt wishes for another low-key affair on Friday, the company faces at least a greater chance of a shareholder rebuke following recommendations from leading shareholder advisory firms that take aim at outgoing CEO Dave Calhoun.

Calhoun, who has faced tough questioning in the wake of a near-catastrophic Alaska Airlines flight in January, will step down as CEO at the end of 2024, but has been renominated to the board of directors.

But the advisory services firm Glass Lewis wants shareholders to reject Calhoun's nomination, while Investor Shareholder Services has recommended a "no" vote on Calhoun's compensation package, which came in at about $33 million for 2023.

A recent Boeing presentation highlighted the broadened role of new Chair Steve Mollenkopf, the former head of Qualcomm who will oversee the CEO search.

"We are committed to ensuring every Boeing airplane meets the highest safety and quality standards," said a Boeing shareholder presentation that reiterated support for Calhoun and his pay package.