Also: 'Shali' Retires... And There's A Daley In Their Midst

In its regulatory filing Thursday, Boeing announced all members of the company's board of directors must now be elected annually, instead of every three years.

The decision to alter the company's bylaws and hold annual elections -- beginning at this year's annual shareholders' meeting May 1 -- will impact the board's newest member, former US Commerce secretary William Daley.

William Daley -- who is Chicago Mayor Richard Daley's brother, and is currently Midwest region chairman for JPMorgan Chase & Co -- will serve on the board's finance committee. He'll run for a full term as director in May.

The Associated Press also reported the board has approved a management proposal to eliminate the remaining supermajority voting provisions from the company's bylaws and charter documents.

"As we take a fresh look at all aspects of our business, we feel that making these changes demonstrates in a very tangible way the board's commitment to maintain and enhance a corporate governance structure that serves the best interests of our shareholders," said Boeing Chairman, President and CEO Jim McNerney.

He added that the board made the recommendations now, so they will be eligible without delay for shareholder consideration at this year's annual meeting.

Earlier this week, Boeing also announced retired Army General John M. Shalikashvili, a Boeing director since 2000, informed the board that he will not stand for re-election when his term expires later this year.

"Shali has a record of service and accomplishment that is truly distinguished, and serving alongside him on the Boeing board has been a privilege," McNerney said. "He brought to Boeing great personal and professional strengths--common sense and an intuitive feel for what is right; a deep concern for people and their welfare; and a broad, deep understanding of global affairs. Our people and our business are better for having had the benefit of his service."

Shalikashvili served on the board's audit and finance committees, and chaired its special programs committee.

Also, this week Boeing announced Chicago will be home to its "World Headquarters" no more. No, the company isn't grabbing up U-Hauls and beating a path back to Seattle... instead, from now on Boeing's Chicago offices will be known merely, and more humbly, as the company's "Corporate Offices."

FMI: www.boeing.com