Two longtime Boeing Board Members Expected to Step Down: Sources
February 17 2021 - 3:01PM
Dow Jones News
By Andrew Tangel and Emily Glazer
Two longtime Boeing Co. directors are expected to step down as
the aerospace giant's board undergoes more changes in the wake of
the 737 MAX crisis, according to people familiar with the
matter.
The Chicago-based plane maker is expected to announce the
retirement of board members Susan Schwab and Arthur Collins, these
people said. The company isn't expected to immediately nominate new
directors to the board, one of these people said. The directors'
departure could be announced as soon as Wednesday, this person
said.
Mr. Collins, former chief executive of medical device-maker
Medtronic PLC, has been a Boeing board member since 2007. Ms.
Schwab, a former U.S. trade representative, has been on the board
since 2010.
The departures have been under consideration in recent weeks and
are part of a longer-term push to bring new directors onto the
board in the aftermath of the MAX crisis, some of the people
familiar with the matter said. Four members of the expected
10-member board will have been added after the accidents.
Boeing's board has faced scrutiny from investors and U.S.
lawmakers ever since two of its 737 MAX jets crashed in October
2018 and March 2019, claiming 346 lives. A year ago, the board
added two new directors with safety and engineering experience as
two longtime members stepped down. Since the accidents, Boeing's
board has also added a permanent safety committee and split the
roles of chairman and chief executive.
(More to Come)
(END) Dow Jones Newswires
February 17, 2021 14:46 ET (19:46 GMT)
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