Business

Advisory firms support splitting Boeing CEO and chair duties

Posted April 16, 2019 7:00 am

By The Associated Press

Two groups that advise investors recommend that Boeing shareholders split the jobs of chairman and CEO, now both held by Dennis Muilenburg, as the company deals with two deadly crashes involving its new plane, the 737 Max.

Institutional Shareholder Services said Tuesday that an independent chairman would improve oversight and help Boeing regain confidence of regulators and customers.

Glass Lewis said an independent chairman is better able to oversee executives and set a pro-shareholder agenda.

Boeing shareholders will vote April 29 on a proposal to split the two jobs.

Directors at Chicago-based Boeing oppose the resolution, saying they should be free to pick the CEO. They say that at various times the Boeing chairman's job has been performed by an independent director, the CEO or a former CEO.

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