Boeing’s Board Shakeup Gains Steam as Two More Directors Retire
(Bloomberg) -- Boeing Co.’s board drew criticism for being ineffective, with accountants outnumbering engineers, when the planemaker botched its response to two fatal crashes of its 737 Max jetliner. Now the council is in the middle of wholesale makeover.
Two longtime board directors are stepping down when their terms expire in April, the company said in a statement Wednesday. Former Medtronic Chief Executive Officer Arthur Collins Jr., is leaving after a 14-year stint, along with former U.S. Trade Representative Susan Schwab, who has been a director since 2010.
Including their departures, eight directors will have stepped down from Chicago-based Boeing since U.S. regulators grounded the Max in March 2019, including former U.N. Ambassador Nikki Haley and Caroline Kennedy, a former U.S. envoy to Japan. Nearly half of the 10 remaining members have served for less than a year and a half.
Both Collins and Schwab had professional ties outside of Boeing to the manufacturer’s CEO, Dave Calhoun, who took over the top job early last year after the ouster of Dennis Muilenburg. Like Schwab, Calhoun is a director at Caterpillar Inc. More than a decade ago, he and Collins served together on Medtronic’s board.
Boeing hasn’t yet named replacements for the latest vacancies. The board is working to “identify a pipeline of diverse candidates with appropriate expertise who bring qualified perspectives,” said Larry Kellner, the former airline CEO who took over as Boeing chairman in late 2019.
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