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Boeing's CEO tries to strengthen the shareholder's confidence



(Reuters) – Boeing Co. Managing Director Dennis Muilenburg tried to strengthen the shareholder's confidence in the company on Monday at his first general meeting since two fatalities in 737 MAX triggered the beam's ground, trials and investigations.

Fighting Muilenburg's biggest crisis said that the company made steady progress towards obtaining approval for new software, since issues were about the safety of its fastest selling aircraft.

Family and friends of 24-year-old American Samya Stumo, one of the victims of the crash of an Ethiopian Airlines 737 MAX on March 10, held a silent protest outside the venue in a cold and rainy Chicago.

The crash that killed all 1

57 aboard when it drew the ground shortly after launch came five months after a similar Lion Air nosedive who killed all 189 passengers and crew.

Daniel Johnson, a Boeing shareholder on and off since 1984, said it had been "a big investor more than anything else." But Johnson, an engineer, said Boeing "really stumps his toe" by allow MCAS to rely on a sensor. "

" The question is, will they need to burn again. We don't know how much the public actually knows what a 737 MAX is, "Johnson said. Outside the meeting.

About 150 shareholders gathered in the auditorium of the neoclassical Chicago Field Museum for the meeting.

Mr Muilenburg will hold his first press conference since the founding after the general annual shareholder meeting in Chicago on Monday, exactly six months after the Lion Air crash.

Boeing is under pressure to deliver a software fix to prevent inaccurate data triggering an anti-stall system called MCAS and one new pilot training package that will convince the global regulators and the flying public that the aircraft is safe

Boeing has acknowledged that accidental firing of the software based on poor sensor data was a common link in the separate event chains leading to the two accidents.

"We know we can break this link in the chain. It is our responsibility to eliminate this risk, "said Muilenburg to the shareholders.

US Federal Aviation Administration Clear the Boeing 737 MAX jet to fly in late May or early June, two people familiar with the issue said. Friday, although Boeing has not yet submitted the updated software and training for review.

Some pilots have warned that draft educational proposals do not go far enough to address their concerns.

Simultaneously delivering 737 MAX , which airlines around the world had been relying on serving a growing flight

Last week, Boeing abandoned its financial outlook for 2019, stopped stock repurchase, and reduced production due to the 737 MAX foundation costing it at least $ 1 billion

Shareholders have left a lawsuit that accused the company of deceiving them by hiding the security shortage in the plane. It is also the goal of investigations by US transport authorities and the Ministry of Justice.

Mr. Muilenburg is Boeing's chairman and president in addition to the CEO, and is facing talks that can remove him from one of these titles at Monday's meeting. Boeing has recommended against the move.

Boeing also has to contend with lawsuits filed on behalf of dozens of victims of the two crashes, including the family of Stumo, asking if the Ethiopian disaster could have been prevented by what happened to Lion Air.

"Those who are responsible for creating and selling this planet did not treat Samya as they had their own daughters," her mother Nadia Milleron said in early April.

Shares in the company worth $ 214 billion have lost nearly 10% of their value since the crash on March 10.

                    


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