Clumsy and disrespected boss

Has anyone dealt with a boss that was so easy to make fun of? My boss is so clumsy and logistically awkward (e.g. running late to meetings, not knowing when to be a part of/remove himself from certain situations, etc.) Like, I don’t even know how to explain it. He’s widely known in the company to be the long winded guy who goes on and on and talks small talk past the appropriate amount on conference calls. Even when it’s a quick meeting, he’ll act way too formal and informative that it just becomes a little funny. My MD makes fun of him in front of us and he thinks it’s because they’re close but I think it’s because my MD is kinda cool and laid back and he knows how weird this guy is sometimes. He is Eastern European and has a bit of an underdog winning background so he has huge pride as an immigrant and all, but he basically will tell you all this in an elevator ride. He also likes me a lot but doesn’t know when to stop hovering over me and when it becomes just a little too much. We have a very good rapport but it would be a bad idea to tell him he’s known to talk too much and he should shut up a bit in a refined way, right?