EADS shareholders overwhelmingly approved changes to the aerospace and defense conglomerate’s ownership structure and a 15 percent share buyback plan, Reuters reports.
According to Tim Hepher’s report, EADS CEO Tom Enders said the changes would change government involvement in the group from regulator to customer and give management independence.
France and Germany will each hold 12 percent stakes in EADS and Spain will hold 4 percent ownership, Hephers reports.
Denis Ranque, former Thales CEO, will serve as chairman of EADS’ majority-independent board, according to Reuters.
Bloomberg reports the EADS board could decide by April 2 on how many shares the company will repurchase and when it will carry out the buyback initiative.
Enders said the group plans to limit the buyback to up to one-third of its nearly $15.8 billion cash, Bloomberg reports.