A Boeing 737 Max 9 plane at the Boeing Field in Seattle, Washington on on March 22, 2019.
Stephen Brashear | Getty Images
Boeing CEO Dave Calhoun told shareholders Monday that air travel demand won't recover for two or three years, 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.
Boeing is scheduled to report first-quarter results before the market opens on Wednesday.
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Boeing CEO says air travel recovery could take two to three years; board wins approval - CNBC
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