This year, Boeing's CEO had his bonus cut.
A door flies off a newly bought airplane, and they punish the CEO.
That's so unfair. (Not)
Well, I guess that David Calhoun will have to be satisfied with his base salary of ……… checks notes ……… $33,000,000.00.
Boeing CEO David Calhoun received $33 million in compensation last year, mostly from stock awards, but gave up a roughly $3 million cash bonus and is getting less stock this year in the wake of a near tragedy on Jan. 5.
Boeing’s board said it took additional steps to tie executive pay to new quality and safety goals in the wake of the door-plug blowout on a 737 MAX jet. The board recently announced that Calhoun would step down by year-end and that it was searching for a new leader.
Calhoun and other senior executives will get stock awards for 2024 that are about 22% below original targets—a figure matching the decline in Boeing’s share price after the blowout, the company said. That percentage amounted to a reduction of about $3.75 million for Calhoun. The CEO also gave up a cash bonus for 2023 that was targeted at $2.8 million.
Calhoun’s 2023 compensation totaled $32.8 million, including $1.4 million in salary and equity awards valued at $30.2 million when they were granted last year, the company said in its annual proxy statement, filed Friday. His pay totaled $22.6 million in 2022, including $17 million in stock and options.
Boeing said the value of Calhoun’s 2023 equity awards had declined by about $8 million through year-end and significantly from the value it had placed on his compensation at the outset. Boeing’s share price rose almost 29% during 2023 but is down by a similar percentage so far this year.
Why he has been allowed to hang on until the end of this year is beyond me.
He should fired immediately, out of a cannon, and into the sun.
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