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☆ Boeing’s problems just cost United $200 million
▼ + stars: | 2024-04-16 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

The company took a $200 million hit in the first quarter after the Boeing 737 Max 9 was grounded following the door plug incident aboard an Alaska Airlines flight. Boeing’s publicity woes and the grounding of the jets weren’t the only way that the airplane manufacturer hurt United. United now says it no longer expects the Boeing 737 Max 10, the latest and longest version of the Boeing 737, to be delivered this year. With questions about the quality and safety of Boeing jets, the certification has likely been pushed back to at least 2025. Of more concern to Boeing, United also said Tuesday that it has reached agreements with two lessors to lease 35 new Airbus A321neos, a 737 Max competitor.

Persons: Max, Scott Kirby, United Organizations: New, New York CNN — United Airlines, Boeing, Alaska Airlines, Federal Aviation Administration, FAA, United, Airbus, Revenue Locations: New York, United

☆ Boeing defends its planes’ safety ahead of whistleblower hearing
▼ + stars: | 2024-04-15 | by ( Chris Isidore | Pete Muntean | ) edition.cnn.com time to read: +4 min

New York CNN —Boeing on Monday scrambled to address safety and quality concerns about its planes ahead of a whistleblower hearing in the Senate on Wednesday. Salehpour is set to be the key witness at a Wednesday hearing of the Senate permanent subcommittee on investigations. That has sparked investigations and allegations that some Boeing employees felt reluctant to raise questions about the safety of the planes they are building or inspecting for fear of retaliation. The average 787 does 600 flights a year, according to Chisholm, and the tests Boeing put the planes through simulated 165,000 flights. Boeing and the Federal Aviation Administration have admitted that some of the planes did have problems with the gaps between parts of the fuselages that were wider than the standards set by Boeing.

Persons: Sam Salehpour, Salehpour, —, “ We’re, ”, Lisa Fahl, Steve Chisholm, Chisholm, we’re, Fahl Organizations: New, New York CNN, Boeing, Federal Aviation Administration, Alaska Airlines, Boeing Commercial Airplanes Locations: New York, Alaska

☆ Tesla to cut more than 10% of its global staff
▼ + stars: | 2024-04-15 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Tesla is reportedly cutting more than 10% of its global staff of 140,000. It did not mention anything about the slowdown in demand for electric vehicles or about Tesla sales. In the fourth quarter Tesla briefly lost its title for the leader in global EV sales to Chinese automaker BYD. It recaptured the EV sales title from BYD in the first quarter, despite the drop in sales. This is not the first time that Tesla has cut staff.

Persons: New York CNN — Tesla, Elon Musk, ”, Electrek, Tesla, Musk Organizations: New, New York CNN, Reuters, General Motors, Ford, EV, US, Tesla Locations: New York, BYD, Germany, Texas, Mexico, Friday’s

☆ Boeing CEO’s penchant for cost-cutting doesn’t apply to his trips on the company jet
▼ + stars: | 2024-04-12 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —When it comes to building planes, Boeing CEO Dave Calhoun is all about streamlining costs. That oopsie was discovered in an internal review, which was prompted by a Wall Street Journal investigation last year into Boeing executives’ private jet travel, the paper reported Thursday. To be clear: Boeing requires Calhoun, who is stepping down later this year, to use its private jets for business and personal travel for security reasons. But when a CEO uses the company jet for a family vacation, that usually counts as taxable income. Over the last three years, Calhoun racked up $979,000 in personal air travel, according to the company.

Persons: CNN Business ’, Dave Calhoun, Calhoun, thriftiness, Chris Isidore, oopsie, that’s, we’ve, It’s, lavishing Calhoun, teeing, Jon Holden Organizations: CNN Business, New York CNN, Boeing, Wall Street, IRS Locations: New York, Arlington , Virginia, Seattle, America

☆ US Steel’s future as an American company is about to come to a vote. It may not matter
▼ + stars: | 2024-04-12 | by ( Chris Isidore | ) edition.cnn.com time to read: +10 min

“It is important that we maintain strong American steel companies powered by American steelworkers,” he said. “US Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated.”Experts said opposition from Biden and other politicians — both Republican and Democrats — make it unlikely the deal will win approval. “Six weeks ago, the United States gave Mitsui, a Japanese company, a $20 billion deal to build a crane factory here in the United States and replace all our port cranes throughout the United States. “If the administration has concerns about the Nippon Steel deal, it must seriously consider alternative outcomes. US Steel products, supported by significant capital investments from Nippon Steel, will remain mined, melted and made in America,” the company said.

Persons: Joe Biden’s, Biden, ”, —, “ It’s, Michael Leiter, Skadden, “, Kishida Fumio, ‘, ’, It’s, JD Vance, Phil Gibbs, KeyBank, Gibbs, it’s, Jeff Roberson, Nucor, hasn’t, ” “ Organizations: New, New York CNN, US Steel, Japan’s Nippon Steel, Justice Department, Foreign Investment, Treasury, Commerce, Defense, State, Homeland Security, American steelworkers, Steel, ”, Republican, Democrats —, Japanese, United States, Mitsui, United Steelworkers, steelworkers, Ohio, Nippon, Cleveland Cliffs, Nippon Steel, Cleveland, US Steel Granite City Works, AP, US Locations: New York, United States, Japan, American, Slate, United, Cleveland, US Steel Granite City, Arkansas, America

☆ Boeing spent $500,000 more than it previously disclosed on personal private jet trips for top executives
▼ + stars: | 2024-04-11 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

The air travel is part of what are known as perquisites, or perks granted the executives, which also include ground transportation, lodging and meals during personal travel. The upward adjustment means that Boeing spent at least $734,000 in 2022 and $306,000 in 2021 on these executives’ personal air travel, according to figures provided. And 2023 personal air travel costs for the four came to $872,000. That review resulted in a newly reported cost of personal travel that was $546,000 more in 2022 and 2021 than previously disclosed. Boeing did not have any comment on the costs of the executives’ personal air travel beyond the information in the filing.

Persons: Dave Calhoun, Calhoun, Brian West, Stan Deal, Theodore Colbert, Max, ousters Organizations: New, New York CNN, Boeing, Colbert, Securities and Exchange Commission, Max, Alaska Airlines, Deal, Airplanes Locations: New York, Alexandria , Virginia

☆ Delta posts strong earnings in tough quarter for US airlines
▼ + stars: | 2024-04-10 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

New York CNN —Delta Air Lines reported vastly improved earnings in the first quarter, and the company said results should remain strong the rest of the year. Delta predicted it would report record revenue in the second quarter, it said it expects thinner profit margins. So it now expects earnings per share of between $2.20 to $2.50, which would be down from the record adjusted earnings per share of $2.64 a year ago. Delta has no 737 Max jets in its fleet currently, although it has placed orders for some of the jets. In July 2022 it placed an order for 100 of the Boeing 737 Max 10 jets, the largest version of the Max.

Persons: Ed Bastian, Max, ”, Scott Kirby, Bastian didn’t, “ Organizations: New, New York CNN — Delta Air Lines, Wall, Delta, Boeing, United Airlines ’, Southwest, Airbus, Alaska Airlines, Max, Federal Aviation Administration, Alaska Air, United Airlines Locations: New York, Atlanta, Alaska

☆ Boeing orders bounce back on demand for a plane it can’t deliver yet
▼ + stars: | 2024-04-09 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

American placed orders for 85 of the Boeing 737 Max 10, the largest version of that troubled aircraft. It also converted previous orders for 30 of the shorter Max 8 version of the plane, which is currently flying, into additional Max 10 orders. That report showed no other orders for any version of the 737 Max. Besides American’s large Max order, Boeing also received orders for 28 of its widebody 777 jets during the month. Boeing also reported it delivered only 24 of the 737 Max jets in the month, and five 787 Dreamliners.

Persons: Max, Scott Kirby, Kirby Organizations: New, New York CNN, American Airlines, Federal Aviation Administration, Boeing, Alaska Airlines, FAA, Alaska Air, United Airlines, Airbus, United, Southwest Airlines Locations: New York, American, Alaska

☆ What’s wrong with Tesla?
▼ + stars: | 2024-04-07 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

EV sales growth has been slowing for a while but in the last two quarters, EV sales didn’t increase much at all, according to estimates from Cox Automotive. “Looking at the data, the big [EV] slowdown is shaping up to be a Tesla slowdown,” said Valdez Streaty. Last year, Tesla sales were up 38% compared to 2022, but investors had expected more. While that’s much less than the roughly 80% of EV sales Tesla accounted for in 2019, according to Edmunds.com, it’s still a majority. But, if you leave out Tesla, sales of other electric vehicles, as a group, were up 33%.

Persons: Tesla, Elon Musk, Stephanie Valdez Streaty, Ford, ”, Valdez, It’s, Teslas, it’s, ” Valdez Streaty, Musk, tirades, Søren Holm, ” Tesla, ” Holm, Holm, “, Chris Isidore Organizations: CNN, Cox Automotive, Audi, BMW, Mercedes, EV, Tesla, Ford, Hyundai, Twitter, Reuters, Caliber, Covid Locations: United States, Edmunds.com, Teslas, Denmark

☆ Travel news: The world’s best airports for food and drink
▼ + stars: | 2024-04-06 | by ( Maureen O'Hare | ) edition.cnn.com time to read: +4 min

Get the latest news in aviation, food and drink, where to stay and other travel developments. CNN —This week in travel news: Europe’s highest pedestrian suspension bridge, a groundbreaking “blended wing” plane, North America’s solar eclipse and the world’s best airports to arrive at hungry. Airport diningThere’s no more captive consumer than a traveler caught between airport security and the departure gate, which is why Food & Wine’s 2024 roundup of the world’s best airports for food and drink got our mouths watering. “Like interest on a bank account we never knew we had.”Solar eclipse across North AmericaVideo Ad Feedback A total solar eclipse will darken skies across the US. There won’t be another total solar eclipse in the contiguous United States until 2044, so make sure you’re prepped.

Persons: bartenders, Shakira, Blake Scholl, ”, don’t, CNN’s Chris Isidore, he’s, won’t Organizations: CNN, hawker, Singapore, Narita International, Dubai International, Pathfinder, America, Disney Locations: Changi, Raffles, Tokyo, Dubai, Italy, Umbria, Africa, Kalandula Falls, Angola, South America, American, Costa Rican, Machu Picchu, Aguas Calientes, California, Colorado, vida, Mexico, United States, Spain, “ Andalusia, North America, Alicudi, Bogota

☆ These plane crash survivors and victims’ loved ones are becoming scared to fly again after years of travel. They’re not alone
▼ + stars: | 2024-04-06 | by ( Elizabeth Wolfe | ) edition.cnn.com time to read: +13 min

Others, however, said they are still confident in flight safety, pointing out that commercial air travel remains one of the safest modes of transportation. Cara and Erin Ashcraft survived the crash of American Airlines Flight 1420, operated on a McDonnell Douglas MD-82, during a landing at Little Rock National Airport on June 1, 1999. “I’ve never had concerns (about air travel safety) before. This is the hole left behind when the plug door of an Alaska Airlines flight blew off midflight on January 5, 2024. Pierson is wary of attitudes around the apparent safety of American air travel, he said.

Persons: Barb Handley, –, ” Handley, Handley, ”, ‘, Mary Handley, Alice, Barb Handley Miller, Pat Gabrielse, Dan Handley, Beth Handley McMall, Kathleen Handley Salemi, Cara, Erin Ashcraft, “, I’m, ” Cara, ” Cara Ashcraft, ’, McDonnell Douglas, Andy Scott, “ I’m, ” Erin Ashcraft, ” ‘ I’ve, Trey Smith, “ I’ve, ” Smith, Smith, Scott Kirby, United, Boeing Aubrey, Max, Aubrey, they’re, ” Anthony Brickhouse, Florida’s Embry, Brickhouse, Ed Pierson, Pierson, That’s, ” CNN’s Chris Isidore, Jacopo Prisco Organizations: CNN, Alaska Airlines, United Airlines Boeing, Boeing, –, National Transportation, NTSB, Federal Aviation Administration, United Airlines, American Airlines, McDonnell, Little Rock National Airport, Dallas Morning News, International Air Transport, United, Reuters United, Airbus, “ Airlines, Delta Air Lines, Hawaiian Airlines, Florida’s, Riddle Aeronautical University, Alaska Airlines Max, US Federal Aviation Administration, National Transportation Safety Board, Foundation for Aviation Safety, Air Canada, San Francisco International Airport Locations: Alaska, Little Rock , Arkansas, United States, Virginia, Los Angeles, East, Southwest

☆ Boeing CEO Dave Calhoun was paid $32.8 million in 2023
▼ + stars: | 2024-04-05 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Boeing CEO Dave Calhoun received total compensation of $32.8 million for 2023, a 45% increase from the $22.6 million he received for 2022. Boeing did enjoy improved results in 2023 from Calhoun’s first two years running the troubled aircraft manufacturer. Whatever conclusions are reached, Boeing is accountable for what happened.”Last month Calhoun announced he would be retiring at later this year and that the company had launched a search for a new CEO. But stock and other compensation he had already received when taking the job brought his 2020 total compensation to $21.7 million. It climbed slowly steadily in the two subsequent years, bringing his total compensation to $64.6 million heading into 2023.

Persons: Dave Calhoun, Calhoun’s, Max, Calhoun, . Calhoun Organizations: New, New York CNN, Boeing, Alaska Airlines, National Transportation Safety Board Locations: New York, .

☆ UAW reaches milestone in filing for a union vote at second nonunion auto plant
▼ + stars: | 2024-04-05 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

But while that VW plant has had two votes before this, the Mercedes plant has never reached the threshold of union support that resulted in an election being held. An election at the Mercedes plant has yet to be confirmed by the National Labor Relations Board, which oversees such votes, let alone scheduled. While the UAW has filed for a vote at Mercedes’ Alabama plant, it has yet to file for a vote at its plant in Charleston, South Carolina. A high-profile union organizing vote at an Amazon warehouse in nearby Bessemer, Alabama was defeated in a close vote in 2021. And management of the non-union automakers is likely to fight union organizing efforts.

Persons: Mercedes, ” Organizations: New, New York CNN, United Auto Workers, UAW, Volkswagen, VW, National Labor Relations Board, Benz, International, General Motors, Ford, Mercedes, BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Toyota, Volvo, GM Locations: New York, Alabama, Chattanooga , Tennessee, VW Chattanooga, Vance , Alabama, Tuscaloosa, Mexico, Edmunds, Tennessee, Mercedes ’ Alabama, Charleston , South Carolina, Bessemer , Alabama

☆ Blinken grounded by problems with his Boeing jet
▼ + stars: | 2024-04-03 | by ( Chris Isidore | Jennifer Hansler | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —US Secretary of State Antony Blinken is the latest person dealing with problems with a Boeing jet. This is the second time this year that Blinken has had an issue with a Boeing plane while traveling. The incident has sparked numerous investigations into the Boeing’s practices and public attention to a large number of other problems on subsequent flights with Boeing jets. Many of those came on older planes and issues, which typically would have not been reported, were likely not caused by anything Boeing did. But the subsequent incidents, which typically would have not been reported by the media, have focused more attention on questions about the quality and safety of Boeing jets.

Persons: Antony Blinken, Blinken, plane, Max Organizations: DC CNN, Boeing, State Department, Brussels, Air Force, Alaska Airlines, National Transportation Safety Locations: Washington, Europe, Ukraine, Gaza, Paris, Switzerland

☆ Why this market has left behind direct-to-consumer companies like Warby Parker, AllBirds and Rent the Runway
▼ + stars: | 2024-04-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Direct-to-consumer brands – household names like HelloFresh, Peloton, Allbirds, Stitch Fix, Warby Parker and Rent the Runway, which cut out traditional retailers, wholesalers and other middlemen – have been falling. Investors shied away from high-growth stocks and retreated into companies with solid fundamentals and, most importantly, lots of profit. The problem is that none of these direct-to-consumer (DTC) companies have managed to make the transition to profitability themselves. Rent the Runway was down $114 million, and mattress company Purple lost about $121 million. Other companies, like SmileDirectClub, which went public in 2019, and Winc, a wine subscription company that went public in 2021, have declared bankruptcy.

Persons: Allbirds, Warby Parker, don’t, they’ll, ”, Ben Cogan, they’ve, Cogan, Casper, “, it’s, Sesame, Michael Botta, Tesla, Chris Isidore, Elon Organizations: New, New York CNN, Agora, CNN, Hubble, Venture, “, Companies, Wonder Group, Durational Capital Management, Costco, Western, Tesla Locations: New York

☆ Tesla sales plunge far more than expected
▼ + stars: | 2024-04-02 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

Tesla has responded to increased competition by cutting prices. Although Tesla is more profitable than traditional automakers, the price cuts have been squeezing the profit margins that helped boost the stock. But the increased competition in the EV space is a big factor in the decline in demand. In the fourth quarter, Tesla lost the title of the world’s best-selling maker of EVs to Chinese automaker BYD. That has prompted some traditional automakers, such as General Motors and Ford, to pull back on their EV production plans.

Persons: New York CNN — Tesla, Elon, it’s, Tesla, Dan Ives, ” Ives, ” Organizations: New, New York CNN, Western, Tesla, Wedbush Securities, Motors, Ford Locations: New York, Fremont, China, Europe

☆ General Electric, once America’s iconic everything company, has completed its dismantling. Here’s what that means
▼ + stars: | 2024-04-02 | by ( Chris Isidore | Matt Egan | ) edition.cnn.com time to read: +4 min

The company was founded by Thomas Edison in 1892 and built into the world’s largest and most valuable company by the once legendary, but now oft-criticized CEO Jack Welch. General Electric home appliances are displayed for sale at an appliance store in San Jose, California, in 2019. But the despite the name, the company had already sold off its appliance business three years earlier. Its shares nearly doubled, rising 95%, in 2023, and were up another 37% this yearGE Aerospace will retain the longtime GE stock symbol, and Culp as its CEO. Some have suggested he could be the successor for Dave Calhoun, the retiring CEO of another troubled iconic US company, Boeing.

Persons: Thomas Edison, Jack Welch, Larry Culp, David Paul Morris, divestitures, Culp, Jason Redmond, Dave Calhoun Organizations: New, New York CNN, GE, Dow Jones, Walgreens Boots Alliance, General Electric, Bloomberg, Getty, NBC, Comcast, GE Capital, AAA, GE Healthcare, GE Aerospace, GE Vernova, Boeing, CNBC Locations: New York, San Jose , California, China, Everett , Washington, AFP

☆ United Airlines asks pilots to take voluntary unpaid leave because of Boeing delivery delay
▼ + stars: | 2024-04-01 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —United Airlines is asking its pilots to take voluntary unpaid leave in May because of delays in Boeing deliveries, according to a memo sent by the union representing pilots. Because of the delivery delay, “our forecasted block hours for 2024 have been reduced and we are offering our pilots voluntary programs for the month of May to reduce excess staffing,” United Airlines said in a statement Monday. The Federal Aviation Administration is taking a closer look at United after a series of almost a dozen incidents at the airline, United said in a March memo. On March 15, a United Boeing 737-800 landed in Medford, Oregon, missing an external panel, though no passengers were injured. Boeing has been in the spotlight since the Alaska Airlines Boeing 737 Max 9 incident.

Persons: United, Scott Kirby, ” Kirby, Chris Isidore, Pete Muntean, Gregory Wallace Organizations: New, New York CNN — United Airlines, Boeing, ” United Airlines, Federal Aviation Administration, United, Airbus, Alaska Air, Max, American Airlines, Delta Air Lines, United Boeing, Alaska Airlines Boeing Locations: New York, Covid, Alaska, Medford , Oregon, United

The Chesapeake 1000 – the largest crane on the East Coast – is needed in the Patapsco River where a 984-foot cargo vessel slammed into the bridge Tuesday. Live updates: The latest on the Baltimore bridge collapseIn addition to the crane, three heavy lift vessels are expected to start arriving Friday, US Transportation Secretary Pete Buttigieg told CNN. This appraisal is critical in determining how small to cut the bridge pieces so cranes can lift them, he said. In addition to the human toll, the destruction of the Key Bridge and closure of the Port of Baltimore could lead to widespread economic fallout. In this NTSB handout, an investigator examines the collapsed Francis Scott Key Bridge from the cargo vessel Dali on March 27 in Baltimore.

Persons: Francis Scott Key, Pete Buttigieg, Wes Moore, Julia Nikhinson, ” Moore, Shannon Gilreath, Moore, Maryland Sen, Chris Van Hollen, Buttigieg, “, Jennifer Homendy, Homendy, Marcel Muise, Dali, Peter Knudson, CNN’s Justin Lear, Andy Rose, Sarah Dewberry, Chris Isidore, David Goldman, Greg Wallace, Elise Hammond, Tori B, Powell, Sania Farooqui, Chris Boyette Organizations: CNN, Maryland Gov, Authorities, US Coast Guard, National Transportation Safety, Army Corps, Maryland Department of Labor, National Transportation, NTSB, India’s Ministry, External Affairs Locations: Patapsco, Baltimore, Maryland, Port, Port of Baltimore, America, New York, New Jersey, Vedika Sud

☆ Port of Baltimore could reopen as soon as May, expert says
▼ + stars: | 2024-03-28 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

However, the expert said clearing the 1,200-foot area between the two pillars that supported the bridge’s main span will be enough to reopen the port to traffic. The expert said pipelines near the bridge could make removing the bridge debris more challenging. According to the Maryland state government, the port supports 15,330 direct jobs and 139,180 jobs in related services. Those are jobs are on land, and does not include crews of the various ships that call on the port. There is also a problem of lost income for ships stuck in the port that are unable to leave.

Persons: Francis Scott Key, Dali, Tom Perez, Joe Biden, “ We’re, ” Organizations: New, New York CNN, CNN, Port, White, MSNBC Locations: New York, Port of Baltimore, Patapsco, Baltimore, Maryland, United States

☆ Who can fix Boeing? Here are some potential CEO candidates
▼ + stars: | 2024-03-27 | by ( Chris Isidore | ) edition.cnn.com time to read: +12 min

New York CNN —Since its founding by William Boeing more than a century ago, the Boeing Company has had 12 CEOs. What Boeing wants in its new CEOWhen picking a new CEO, the company likely has two pools of choices. Or it can once again pick a leader like outgoing CEO Calhoun, who has a financial background and an undergraduate degree in accounting. Spirit was the only one to comment, but it did not address the possibility of Shanahan becoming Boeing CEO. Culp has an undergraduate degree in economics and an MBA from Harvard, a business background more than an engineering background.

Persons: William Boeing, Dave Calhoun, Calhoun, “, ”, Sir Tim Clark, ” Calhoun, “ It’s, Richard Aboulafia, Pat Shanahan Pat Shanahan, Donald Trump, Shanahan, “ Mr, Joe Buccino, Larry Culp Larry Culp, Jack Welch, Culp, Aboulafia, Kathy Warden Kathy Warden, Northrop Grumman, Northrop, Warden, ” Aboulafia, Mary Barra, Greg Smith Greg Smith, Smith, Alan Mulally Aboulafia, Alan Mulally, Ford, Mulally, It’s, Ron Epstein, ’, Stephanie Pope, Brian West, Pope, West, Elizabeth Lund Organizations: New, New York CNN, Boeing Company, Boeing, Alaska Airlines, Emirates Airlines, CNBC, US Department of Defense, CNN, General Electric, GE Aerospace, GE, Danaher Corp, Harvard, Northrop, General Motors, Barra, American Airlines, Ford, Detroit, GM, DaimlerChrysler, Chrysler, of America, Airplanes, GE Aviation, Services, Boeing Commercial Airplanes Locations: New York, American, Calhoun

☆ Boeing’s embattled CEO is poised to walk away with millions
▼ + stars: | 2024-03-26 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

Exactly how much Calhoun will receive isn’t clear yet, as it depends on how Boeing’s stock performs. According to Boeing’s most recent proxy statement, Calhoun is set to walk away with about $15 million worth of stock, cash and options in retirement. One estimate, according to Fortune, suggests Calhoun could walk away with $24 million, with the potential to collect $45.5 million more if Boeing’s stock goes up 37%. And while Muilenburg was denied severance pay, he still walked away with $80 million worth of stock and other assets. Even as the board heaped praise on Calhoun, Boeing’s own customers started sounding off about their frustrations with the leadership.

Persons: CNN Business ’, Dave Calhoun, he’ll, There’s, Calhoun, Dennis Muilenburg, Muilenburg, “, CNN’s Chris Isidore Organizations: CNN Business, New York CNN, Boeing, Ryanair, Avalon Locations: New York, America, Calhoun, Washington, South Carolina, Seattle

☆ America’s largest companies are fueling inequality, says new study
▼ + stars: | 2024-03-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

About 90%, or $1.1 trillion, of that profit went to shareholders through stock buybacks and dividend payments, according to new research from anti-poverty organization Oxfam International. At the same time, the study found, only 10 of those 200 companies have made public statements in support of paying a living wage. For some of those companies, the average CEO-to-worker pay ratio is now above 1,500 to 1, the nonprofit confederation found. Oxfam’s study found that on average, pharmaceutical companies paid just 11.6% in taxes in 2022 (that’s down from 11.8% in 2021). Trump Media generated just $3.4 million of revenue through the first nine months of last year, according to SEC filings.

Persons: —, we’ll, ”, Irit Tamir, Joe Biden, Donald Trump, Matt Egan, Devin Nunes, Dave Calhoun, Chris Isidore, Calhoun, Max Organizations: CNN Business, Bell, New York CNN, CME, Oxfam International, Oxfam, Corporations, Institute for Policy Studies, Tax, Truth Social, Trump Media, Trump Media & Technology Group, Corp, Digital, Trump, Nasdaq, Big Tech, ”, overvaluing Trump Media, SEC, Twitter, CNN, Boeing, CNBC, Alaska Airlines, Max Locations: New York, United States

☆ Cars, sugar and cruises: How the Port of Baltimore closure could hurt the economy
▼ + stars: | 2024-03-26 | by ( Mark Thompson | Chris Isidore | ) edition.cnn.com time to read: +8 min

The Port of Baltimore said in a post on X that vessel traffic was suspended until further notice, but trucks were still being processed at its terminals. It said it would discharge cargo destined for Baltimore in other ports nearby, but Maesrk warned customers that could mean delays. Closer to the Midwest than any other port on the East Coast, Baltimore is a major hub for vehicles, containers and commodities. Baltimore ranks first among US ports for autos and light trucks, handling a record 850,000 vehicles last year. While many of the 30,000 to 35,000 cars and trucks that used the Key Bridge daily can be rerouted through the two nearby tunnels, that will cause traffic delays.

Persons: Dali, Judah Levine, ” Maersk, “, VW, Oren Klachkin, Levine, Mark Zandi, ”, Zandi, Wes Moore, Joe Biden, Francis Scott Key, Tasos Katopodis, — Moore, Emily Stausbøll, Matt Lupoli, Hanna Ziady, Peter Valdes, Rob North, Sugam Pokharel Organizations: New York CNN, Baltimore, Atlantic, Nationwide Financial, US, Moody’s, Maryland Gov, Rebuilding, Francis Scott Key Bridge, Domino, Company, Royal Caribbean, Cruises, Cruise, Cruise Lines International Association, Royal Locations: London, New York, Port, Baltimore, East Coast, Singapore, East Coast , Baltimore, Philadelphia, Norfolk, of New York, New Jersey, Asia, Africa, Suez, Maryland, Patapsco, Rebuilding Baltimore, Baltimore , Maryland, Tasos, “, Norway, Royal Caribbean

☆ Boeing CEO Dave Calhoun to step down in wake of ongoing safety problems
▼ + stars: | 2024-03-25 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —Boeing CEO Dave Calhoun said Monday he intends to leave the beleaguered company by the end of the year in a major shakeup of the company’s leadership. The company also announced that Stan Deal, CEO of Boeing Commercial Airplanes, is retiring. The problems have led to multiple groundings for safety issues and more than $31 billion in cumulative losses. But it comes in the face of widespread criticism of the company by CEOs of many of the world’s major airlines Boeing depends upon to buy its planes. Any Boeing customer shifting to Airbus could find itself waiting until 2030 or beyond to get its planes delivered.

Persons: Dave Calhoun, Larry Kellner, Steve Mollenkopf, Stan Deal, Stephanie Pope, Max, Calhoun, ”, Let’s, “ I’ve, Boeing won’t, Michael O’Leary, O’Leary, Scott Kirby, Ben Minicucci, Dennis Muilenburg, Muilenburg, Calhoun’s Organizations: New, New York CNN, Boeing, Qualcomm, Alaska Airlines, Max, CNBC, Alaska Air, ” Airlines, Ryanair, Europe’s, CNN, ”, ” United Airlines, United, Airbus, Virgin America Locations: New York, Alaska, ” United

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