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Boeing CEO Dave Calhoun Made $32.7 Million in 2023
Skift Take
Boeing CEO Dave Calhoun was awarded a few of his highest compensation throughout his brief tenure on the helm of the beleaguered U.S. airplane maker, however he didn’t obtain a bonus for 2023.
Departing Boeing CEO Dave Calhoun obtained round $32.7 million in compensation for 2023, in keeping with an annual proxy assertion filed Friday.
Calhoun’s pay features a base wage of $1.4 million, almost $30.2 million in inventory awards and round $1.1 million in different compensation.
The Boeing CEO declined to obtain an annual bonus in February following an incident the place a door plug blew off an Alaska Airways 737 Max 9 mid-air.
In 2022, Calhoun made round $22.6 million and his pay in 2021 was round $21.2 million. Calhoun was named CEO in 2020 and his whole compensation for 2023 is the best he’s earned throughout his brief tenure as CEO.
Stan Deal, the previous CEO of Boeing Industrial Airplanes, might be paid round $12.5 million for 2023, with the vast majority of his compensation coming from inventory awards.
Boeing Modifications Compensation Metrics for 2024
After the Alaska incident, Boeing’s government compensation committee made adjustments to the way in which its highest-ranked officers are paid in 2024. For instance, the pay for executives within the business airplanes unit might be weighted 60% towards operational efficiency and 40% monetary. Monetary efficiency had beforehand made up 75% of compensation.
The operational efficiency of Industrial Airplanes goes to be solely centered on security and high quality.
Monetary efficiency might be evenly weighted between outcomes of the enterprise unit and the general firm. Beforehand, enterprise unit outcomes obtained solely a 33% weighting. Boeing stated within the proxy that making the 2 metrics even would “drive larger accountability for monetary outcomes on the enterprise unit stage.”
Calhoun had been beneath intense stress from regulators and airways after the Alaska incident introduced renewed scrutiny to Boeing’s manufacturing and high quality points. The Boeing CEO is about to step down from his position on the finish of the yr.
A Nationwide Transportation Security Board preliminary report discovered that Boeing didn’t correctly drill within the 4 bolts wanted to maintain the door-plug on the Alaska jet intact. Boeing has repeatedly apologized for the incident and has stated it could look to enhance its manufacturing processes and high quality management.
“I promise that I personally, and we as a Board, will depart no stone unturned in our efforts to get this firm to the place it must be. And the work of renewal has already begun,” wrote new Boeing board chair Steve Mollenkopf in a letter to shareholders.