In a preliminary tally, Dave Calhoun, the departing CEO of Boeing, has been re-elected to remain on the company's board, despite mounting challenges faced by the troubled aerospace giant. The decision was made during Boeing's annual general meeting (AGM) on Friday, where shareholders supported Calhoun's continued presence on the board.

While Calhoun's re-election was welcomed by some shareholders, proxy adviser Glass Lewis had recommended voting against it, along with two other directors, citing concerns over the planemaker's ongoing efforts to instill a safety-focused culture.

Meanwhile, Steven Mollenkopf, Boeing's chair and former CEO of Qualcomm, has taken charge of leading the search for Calhoun's successor. Calhoun had previously announced his retirement by the end of this year, as part of a management shakeup following a mid-air blowout on a new 737 Max 9 aircraft back in January.

Mollenkopf expressed the company's commitment to finding the next CEO who would effectively navigate Boeing through its current challenges and shape a better future. Feedback has been sought from customers, employees, and investors to ensure a thorough selection process.

The AGM also witnessed discussions on the future direction of the company as Boeing grapples with various issues, including investigations, possible prosecution, and a decline in production of its best-selling aircraft. Boeing's shares have seen a significant 30% decline this year.

David Duffy, co-founder and director of the Corporate Governance Institute based in Dublin, predicted a challenging AGM, emphasizing the importance of Mollenkopf's statements to both investors and passengers. Institutional investors attending the meeting were eager to hear reassurances regarding Boeing's commitment to resolving its current problems and achieving meaningful progress within a specific timeframe.

Additionally, shareholders supported a non-binding advisory vote on compensation after issues of misalignment between CEO pay and company performance were raised. Investors have eagerly awaited updates on the selection of Calhoun's successor. Industry experts have stressed the need for Boeing to appoint an external CEO with a technical background and deep understanding of aerospace technology to restore credibility and drive significant changes within the company.

The potential candidates for Boeing's next CEO have been widely speculated, with Patrick Shanahan, CEO of Boeing supplier Spirit AeroSystems, considered a strong contender. Others mentioned by analysts or sources include David Gitlin, a Boeing board member and CEO of Carrier, as well as Greg Smith, chair of American Airlines.

As Boeing pushes forward to address its challenges and regain trust, the company's leadership transition remains a critical focal point. The board's decision on Calhoun's re-election paves the way for the search for a new CEO who can steer Boeing towards recovery, while shareholders and industry observers eagerly await further updates on the progress and future direction of the company.