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Boeing Stockholders Approve CEO to Remain on Board

Boeing (BA) stockholders decided Friday that CEO Dave Calhoun can stay on the company’s board despite an unfolding crisis that started under his watch. Shareholders also approved a nearly $33 million executive pay package for Calhoun.

Calhoun has already announced that he is stepping down as boss at the end of the year, covering work done in 2023, which exceeded his target compensation.

During the plane maker’s annual shareholder meeting on Friday, shareholders voted for Calhoun to remain as a director, along with 10 independent board nominees. The shareholder support comes as Boeing works to assure regulators, lawmakers, investors, and the public about the airworthiness of its planes after a midair blowout incident.

The incident involved a fuselage section detaching from an Alaska Airlines 737 Max 9 jet in January, where a preliminary investigation showed missing bolt fasteners. There were no fatalities, but passengers and crew on board suffered injuries. Boeing is currently under criminal investigation by the Justice Department for its role in the blowout.

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