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Boeing (NYSE:BA) disclosed Friday that CEO David Calhoun received nearly $33M in total compensation last year, mostly from stock awards, but gave up a ~$3M cash bonus and is getting less stock this year in the wake of January’s door-plug blowout on a 737 MAX jet.
Calhoun’s 2023 compensation jumped 45% to $32.8M, including $1.4M in salary and stock awards valued at $30.2M when they were granted last year, the company said in an SEC filing, compared with 2022 total pay of $22.6M, including $17M in stock and options.
Total 2023 compensation for Stan Deal, replaced last month as head of the company’s commercial airplane division, rose 42% to $12.5M.
Boeing’s (BA) board said it took additional steps to tie executive pay to new quality and safety goals in the wake of the near-tragedy; it recently announced that Calhoun would step down by the end of this year.
The company said Calhoun and other senior executives will get stock awards for 2024 that are ~22% below original targets – a figure roughly in line with the decline in Boeing’s (BA) share price after the door plug blowout – which amounted to a ~$3.75M reduction for Calhoun.
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