The Boeing board of directors has announced Arthur Collins and Susan Schwab will retire when their terms expire and will not stand for re-election at the annual meeting of shareholders.

The board also named chairs to its six board committees, to take effect following the yearly voting for the election of directors at annual shareholder meeting, which is scheduled to occur on April 20th.

“We are grateful for Art and Susan’s distinguished service on our board,” said Boeing chairman Larry Kellner.

“Boeing has benefited enormously from their committed and dedicated service.”

Collins joined the board in 2007 and most recently chaired the compensation committee and served as a member of the governance, organisation and nominating committee.

Schwab joined the board in 2010 and most recently served as a member of the compensation committee, and the governance, organisation and nominating committee.

“It has been a privilege to serve alongside Art and Susan,” said Boeing chief executive, David Calhoun.

“They made meaningful and lasting contributions to our company, and to the aerospace industry, which is foundational to the global economy.”

“In line with our thorough succession planning process, the board will continue to take steps to identify a pipeline of diverse candidates with appropriate expertise who bring qualified perspectives,” Kellner added.