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Boeing (NYSE: BA) disclosed Friday that Chief Executive David Calhoun received nearly $33 million in total compensation last year, mostly from stock awards, but gave up a cash bonus of about $3 million and will receive less this year actions in the wake of the January door blast on a 737 MAX jet.
Calhoun’s compensation for 2023 rose 45% to $32.8 million, including $1.4 million in salary and stock awards valued at $30.2 million when they were awarded last year, he the company said in an SEC filing, compared to 2022 total compensation of $22.6 million, including $17 million in stock and options.
Total compensation in 2023 for Stan Deal, replaced last month as head of the company’s commercial aircraft division, rose 42% to $12.5 million.
Boeing’s (BA) board of directors said it has taken further steps to tie executive pay to new quality and safety targets in the wake of the near-tragedy; recently announced that Calhoun will step down by the end of this year.
The company said Calhoun and other senior executives will receive equity awards for 2024 that are about 22% below original targets — a figure roughly in line with the decline in Boeing’s (BA) stock price since the outbreak of the door stopper – which amounted to about $3.75. M reduction for Calhoun.