America’s top shareholder advisory firms have recommended that Boeing investors demand a new chairman in the wake of two fatal crashes of the company’s 737 Max jet. International Shareholder Services and Glass Lewis said that investors should back a proposal to appoint a new independent chairman at Boeing’s shareholder meeting on April 29. Boeing, the world’s largest aerospace group, valued at $215 billion, builds military and commercial aircraft, missiles and other space technology. Its 737 Max jets remain grounded worldwide after fatal crashes in October and March claimed the lives of 346 people. It is working on a software update to fix an instrument error that investigators believe caused the crashes. In a preliminary report yesterday, the United States’ aviation regulator said that the software
International Shareholder Services and Glass Lewis have recommended that Boeing investors push to elect a new chairman after the effects of the two fatal 737 Max jets in the last seven months. The move would take the chairmanship away from Dennis Muilenburg, who is also the company’s CEO. All of Boeing’s 737 Max aircraft have been grounded worldwide while it develops a software update to fix the suspected cause of the crashes. Glass Lewis advised that an independent chairman would be able to avoid the conflicts of an executive insider occupying both roles.