Summary
Boeing Company (BA) filed an 8-K on February 10, 2010, reporting key changes to its Board of Directors and corporate governance. The most significant development for investors is the election of Susan C. Schwab as a new independent director. Ms. Schwab brings substantial experience from her former role as U.S. Trade Representative and her existing board memberships at Caterpillar Inc. and FedEx Corporation, suggesting a focus on strategic oversight and potentially international trade matters. Furthermore, the company amended its bylaws to increase the size of its Board of Directors from eleven to twelve members. This increase, coupled with Ms. Schwab's appointment to the Audit and Finance Committees, indicates Boeing's commitment to robust governance and committee structures. Investors should note that Ms. Schwab will participate in the company's standard non-employee director compensation program.
Key Highlights
- 1Boeing elected Susan C. Schwab as a new independent director to its Board.
- 2Ambassador Schwab previously served as U.S. Trade Representative (2006-2009).
- 3She currently serves on the boards of Caterpillar Inc. and FedEx Corporation.
- 4Ms. Schwab has been appointed to the Audit Committee and the Finance Committee of Boeing's Board.
- 5The company amended its By-Laws to increase the size of the Board of Directors from eleven to twelve members.
- 6New director compensation includes an annual cash retainer of $100,000 and stock units valued at $130,000.