Boeing CEO Dave Calhoun told shareholders Monday that air travel could take two to three years to recover from the current situation, another challenge for the manufacturer that was reeling from the 737 Max grounding before the coronavirus pandemic. Investors approved the company’s board.
Boeing is scrambling to cut costs to meet the weak demand for new jetliners. Air travel in the U.S. is about 5% of what it was a year ago and airlines have parked more than a third of the country’s fleet and some are planning to defer orders of new planes.
“When it does recover, the commercial market will be smaller”, Calhoun said in a webcast of the company’s annual shareholder meeting.
