Summary
This 8-K filing by The Boeing Company (BA) on June 27, 2007, primarily announces a significant change in its Board of Directors. Effective June 21, 2007, retired Marine Corps General James L. Jones was elected as a new director. General Jones brings a wealth of leadership experience, having served as Supreme Allied Commander Europe and Commander of the U.S. European Command, and previously as Commandant of the U.S. Marine Corps. His appointment is set to be proposed for shareholder ratification at the 2008 Annual Meeting. Investors should note that General Jones will serve on the Audit Committee and the Finance Committee. He will receive standard compensation for nonemployee directors, including an annual cash retainer and stock units, as detailed in previous company filings. The filing also confirms there are no associated arrangements, understandings, or related-person transactions concerning his appointment, indicating a straightforward addition to the board.
Key Highlights
- 1Boeing elected retired Marine Corps General James L. Jones as a new director, effective June 21, 2007.
- 2General Jones has extensive military leadership experience, including former roles as Supreme Allied Commander Europe and U.S. Marine Corps Commandant.
- 3His appointment will be presented to shareholders for election at the 2008 Annual Meeting.
- 4General Jones will be a member of the Audit Committee and the Finance Committee.
- 5He will receive standard compensation for nonemployee directors, including a $75,000 annual cash retainer and stock units valued at $130,000 per year.
- 6The company stated there are no undisclosed arrangements or related-person transactions concerning General Jones's appointment.
- 7A press release dated June 26, 2007, announcing the election, is included as an exhibit.