Boeing’s CEO received US$33 million in compensation for 2023 but declined a potential US$2.8 million bonus following the near-catastrophic Alaska Airlines incident in January, the company said Friday (Apr 5) in a securities filing.
David Calhoun, who is set to exit as chief executive at the end of 2024, received a base salary of US$1.4 million, plus more than US$30 million coming in stock awards.
The announcement, which came in Boeing’s annual proxy statement, comes as the company faces intense scrutiny over the Jan 5 incident, in which a 737 MAX 9 was forced to make an emergency landing after a fuselage panel blew out.
“Following the Alaska Airlines accident, Mr Calhoun declined to be considered for an annual incentive payout, and the Board honoured that request,” Boeing said.
On Mar 25, Boeing announced that Calhoun would step down as CEO at the end of the year as part of a leadership shakeup while it searches for a replacement.
In describing Calhoun’s compensation, Boeing recounted that his appointment as CEO started in January 2020 when the company was “facing one of the more serious challenges in its long history” from the grounding of the 737 MAX after two fatal crashes.
That was soon followed by the COVID-19 pandemic, which led to a deep downturn in aviation.
AFP
