Boeing Company (BA) - Get Report Director Nikki Haley resigned Thursday, less than a year after joining the struggling planemaker, claiming she doesn’t think the company should seek support from the federal government.
Haley, who joined the board in April of 2019, “informed the company that, as a matter of philosophical principle, she does not believe that the company should seek support from the federal government, and therefore decided to resign from the board,” according to an SEC filing.
Boeing has been struggling to return its 737 Max aircraft model to service after it was grounded a year ago following two fatal crashes.
The onset of the coronavirus, and the devastating impact it has had on the airline industry, has added to the company’s troubles.
Shares of Boeing have lost two-thirds of their value since late February amid the broad market slumps related to the coronavirus and related anticipation of a sharp economic downturn.
The stock fell $1.91, or 1.95%, to $95.79 in after-hours action after falling 4% in the regular session Thursday.
Haley has been broached as a possible running mate for President Donald Trump because of her potential appeal to suburban moms, who have soured on Trump since his election in 2016.
She served as UN ambassador from 2017 through 2018.
Previously she was governor of South Carolina.
Vice President Mike Pence is currently heading up the White House response to the coronavirus and COVID-19 pandemic.
Pence, the former governor of Indiana, has proved to be a reliable Trump loyalist despite staff upheaval under the current administration.