Summary
Boeing Company (BA) filed an 8-K on June 14, 2011, reporting a change in its Board of Directors and a subsequent amendment to its bylaws. John E. Bryson resigned from the Board of Directors on June 13, 2011, following his nomination by President Obama to serve as U.S. Secretary of Commerce. This resignation led to a reduction in the size of the Board from twelve to eleven directors, an amendment that was officially adopted by the Board on the same day.
Key Highlights
- 1John E. Bryson has resigned from Boeing's Board of Directors.
- 2Bryson's resignation was effective immediately on June 13, 2011.
- 3The resignation is a consequence of Bryson's nomination to become the U.S. Secretary of Commerce.
- 4Boeing's Board of Directors has been reduced in size from twelve to eleven members.
- 5This reduction in board size was formalized through an amendment to the Company's By-Laws.
- 6The amended By-Laws were adopted by the Board on June 13, 2011.
- 7Exhibit 3.2 contains the amended and restated By-Laws.
Frequently Asked Questions
John E. Bryson resigned from Boeing's Board of Directors because he was nominated by President Obama to serve as the U.S. Secretary of Commerce. This nomination necessitated his resignation in accordance with the company's Corporate Governance Principles.
Mr. Bryson's resignation resulted in a decrease in the number of directors on Boeing's Board from twelve to eleven. This change was formally adopted by the Board on June 13, 2011.
This particular 8-K filing does not disclose any direct financial impact. The report primarily concerns a change in board composition and related bylaw amendments due to a key executive appointment in the government.