Summary
This 8-K filing from The Boeing Company announces two key changes to its corporate governance structure. Most notably, the company has elected retired Admiral Edmund P. Giambastiani, Jr. to its Board of Directors, effective October 7, 2009. Admiral Giambastiani brings significant experience, having previously served as Vice Chairman of the Joint Chiefs of Staff. His appointment to the Audit and Finance Committees suggests a focus on strengthening oversight in these critical areas. In conjunction with this new directorship, Boeing's Board also approved an amendment to its By-Laws to increase the total number of directors from ten to eleven. This increase accommodates Admiral Giambastiani's addition and provides flexibility for future board composition. Investors can view the compensation details for non-employee directors, including Admiral Giambastiani's remuneration, in the company's 2009 proxy statement.
Key Highlights
- 1The Boeing Company elected retired Admiral Edmund P. Giambastiani, Jr. to its Board of Directors.
- 2Admiral Giambastiani's appointment is effective as of October 7, 2009.
- 3Admiral Giambastiani has been appointed to serve on the Audit Committee and the Finance Committee.
- 4The Board of Directors approved an amendment to the By-Laws to increase the size of the Board from ten to eleven directors.
- 5Admiral Giambastiani will participate in the company's standard non-employee director compensation program, which includes a $100,000 annual cash retainer and a $130,000 annual grant of stock units.
- 6The filing incorporates by reference a press release announcing Admiral Giambastiani's election and the amended By-Laws.