As per reports, the board of Boeing Company (BA) informed that two veteran directors Susan Schwab and Arthur Collins will step down from the board after their term expire. Both the directors will not stand for re-election at the company’s Annual Meeting of Shareholders.
A former chairman and chief executive officer at Medtronic and director on the Boeing board since 2007, Arthur Collins, and Susan Schwab, a former U.S. trade representative, and director since 2010, are both retiring, the company informed. Two other directors, former U.S. ambassadors Caroline Kennedy and Nikki Haley also stepped down in January 2021 and March 2020, respectively.
“The board will continue to take steps to identify a pipeline of diverse candidates with appropriate expertise,” stated Chairman Larry Kellner, Boeing.
Boeing also separated the chairman and chief executive roles, before letting go of the previous CEO Dennis Muilenburg. It created a new Aerospace Safety Committee and included two new directors with experience in engineering and safety.
Since 2019, the board of directors has implemented changes to improve oversight of Boeing’s engineering and industrial operations as the company faces the grounding of its best-selling 737 MAX jetliner after crashes in Ethiopia and Indonesia killing 346 people in a span of five months.
Dow 30 component Boeing (NYSE: BA) is the world’s largest aerospace company and leading manufacturer of commercial jetliners and defense, space, and security systems. To learn more about Boeing (BA) and to track its ongoing progress please visit the Vista Partners Boeing (BA) Coverage Page.
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