- Boeing CEO David Calhoun misplaced out on a $7 million bonus in 2022 for lacking one among his targets.
- However he nonetheless made $22.5 million in 2022.
- In February, Boeing authorized a $5.3 million incentive to encourage Calhoun to remain and lead the corporate.
David Calhoun, the CEO of Boeing, misplaced out on a $7 million bonus in 2022 as he missed one among his targets — however he nonetheless made $22.5 million for the 12 months, in keeping with a Friday regulatory submitting.
Calhoun missed out on his payout as he could not get Boeing’s new 777X plane into service by the top of 2023, the aviation big mentioned.
“It’s clear that this aim is not going to be met, albeit for causes largely past Mr. Calhoun’s management,” Boeing mentioned within the regulatory submitting. And whereas Calhoun made selections concerning the administration of the 777 program within the firm’s long-term curiosity, “that contributed to that aim not being met.”
Boeing didn’t clarify the explanations for the delay in getting the 777X plane into service, however Calhoun mentioned at Boeing’s first-quarter earnings name in April 2022 that the Federal Aviation Administration is conducting all new airplane certifications with “rigor.”
Regardless of the delay, Calhoun nonetheless obtained $22.5 million in complete compensation for 2022 — that is 6.6% increased than the $21.1 million he obtained for 2021, per Boeing. The sum contains his base wage of $1.4 million which was fixed for each years, in addition to inventory and choices awards.
Calhoun took over the CEO place at Boeing in January 2020 — two months earlier than the World Well being Group declared the COVID-19 outbreak a world pandemic.
Whereas Boeing’s enterprise was roiled by a droop in demand for journey through the pandemic, it is now rebounding. The Virginia-based firm is about to rent nearly 10,000 staff in 2023, Reuters reported on January 28.
In February, Boeing authorized a grant of 25,000 restricted inventory items to incentivize Calhoun to remain within the firm via its restoration. “The award displays the Board’s recognition of and continued confidence in Mr. Calhoun’s sturdy management,” the corporate mentioned within the February 16 submitting. It is valued at over $5.3 million primarily based on Boeing’s present share worth.
Boeing didn’t instantly reply to Insider’s request for remark despatched exterior common enterprise hours.
Boeing shares closed 2.4% increased at $215.11 on Friday. They’re about 13% increased to this point this 12 months.
