Boeing shareholders pulled no punches at the aviation manufacturers’ shareholder meeting on Friday, asking the board how it could justify the CEO’s $33 million compensation plan and whether Boeing’s culture can reorganize itself around safety in the manufacturing process.
The concerns from investors offer a behind-the-scenes view of the battle Boeing has been waging on all fronts: A whistleblower testified before Congress last month that he was told to “shut up” after raising safety concerns in meetings; two Boeing whistleblowers died in succession; CEO Dave Calhoun is leaving at the end of the year and there is no readily apparent successor to take his place; other airlines are seeking repayment from Boeing for late aircraft deliveries; and, the Justice Department is considering pursuing charges of fraud against the company. On top of that, the stock price is down 29% year-to-date, making Boeing the second-worst performing company in the S&P 500 index.
