Aerospace firm EADS' shareholders have approved its new simplified board structure with one chairman and one chief executive, instead of the German/French dual leadership. The cumbersome management structure was partly blamed for some of the costly problems with the Airbus A380 superjumbo. Previous Co-chairman Arnaud Lagardere will have a seat on the new board despite calls from minority shareholders for him to step down.
Asked by stockholders about insider trading allegations given his group had sold part of its stake in EADS just before news of long delays for the A380 caused the share price to plummet, Lagardere replied: "There is a presumption of innocence" and he had sold the shares "simply to defend the interests of the Lagardere group."
EADS Chairman Ruediger Grube urged shareholders to look beyond the alleged scandal. He added the accusations "have nothing to do with the fundamentals of our business and do not reflect the current reality and future prospects of our group."
All sides have denied any wrongdoing with regard to the share sales, which are now being investigated by French and German authorities.
On the streamlining of management, EADS Chief Executive Louis Gallois said: "The fact we were two CEOs created two camps, one French and one German. Now it's finished."
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