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Business News/ Companies / News/  Boeing shareholders re-elect CEO David Calhoun, approve $32.8 million compensation: Reports
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Boeing shareholders re-elect CEO David Calhoun, approve $32.8 million compensation: Reports

The planemaker firm came under heavy criticism on 5 January 2024 after a door plug blew out on a 737 Max jetliner operated by Alaska Airlines.

FILE - Boeing CEO David Calhoun (AP Photo/J. Scott Applewhite, File) (AP)Premium
FILE - Boeing CEO David Calhoun (AP Photo/J. Scott Applewhite, File) (AP)

Amid the planemaker's preparation to meet with the US aviation regulator Federal Aviation Administration (FAA) over its quality-control problems, Boeing shareholders at its annual general meeting (AGM) on Friday re-elected CEO David Calhoun and approved his $32.8 million compensation, reported news agency AP on 17 May.

The shareholders also heard Calhoun and others explain what the firm is planning to improve the quality and safety of its planes following a door plug blew off a Boeing 737 Max jetliner in January.

ALSO READ: US says Boeing can be prosecuted for 737 MAX crashes

The Boeing AGM was conducted online, and a moderator asked Calhoun and Steven Mollenkopf, the new chairman of Boeing's Board of Directors, a handful of shareholder questions. However, reports noted that none of the questions were too pointed.

The CEO also said that Boeing is finishing a 90-day plan for fixing its manufacturing problems, as a report was sought by the Federal Aviation Administration after the the door-plug blowout.

ALSO READ: Several injured as Boeing 737 crashes during take-off in Senegal | Watch video

"We anticipate the FAA will take whatever time is necessary to review that plan and hold us accountable to the various control parameters that are put in place as we move forward," Reuters quoted Calhoun as saying.

He added that Boeing is still working to complete an acquisition of key supplier Spirit AeroSystems; however, it gave no deadline for completion. Spirit AeroSystems is a firm that makes fuselages for Max jets and is also a source of manufacturing flaws.

ALSO READ: Boeing Breached Prosecution Deal, Justice Department Finds

The planemaker firm came under heavy criticism on 5 January 2024 after a door plug blew out on a 737 Max jetliner operated by Alaska Airlines.

Among others, the firm is likely to face criminal prosecution for allegedly violating the terms of a settlement with the Justice Department following two deadly Max crashes in 2018 and 2019.

With agency inputs.

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Published: 17 May 2024, 11:01 PM IST
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