To use this site, please disable the ad blocking feature and reload the page.
This website uses cookies to collect information about your visit for purposes such as showing you personalized ads and content, and analyzing our website traffic. By clicking “Accept all,” you will allow the use of these cookies.
Users accessing this site from EEA countries and UK are unable to view this site without your consent. We apologize for any inconvenience caused.
AP Photo/Richard Drew, File Nielsen Company CEO David Calhoun, center, watches progress as he waits for the company’s IPO to begin trading on Jan. 26, 2011, on the floor of the New York Stock Exchange. Boeing said Friday, March 3, 2023
ASSOCIATED PRESS
10:58 JST, March 4, 2023
ARLINGTON, Va. (AP) — Boeing rewarded CEO David Calhoun with compensation valued at $22.5 million for 2022 but won’t pay him a $7 million bonus because the company will fail to get its new 777X jetliner in service by the end of this year.
The company said in a regulatory filing Friday that the 777X will be behind schedule “for reasons largely beyond Mr. Calhoun’s control.” But it did say some of his decisions regarding the plane contributed to the miss.
Boeing announced last spring that the large, twin-aisle plane would not be delivered to airlines until 2025, five years after the original target. The company said directors decided last August that Calhoun’s $7 million bonus would not vest.
The company based in Arlington, Virginia, lost $5 billion in 2022, including write-downs, as it dealt with setbacks to defense projects and ongoing problems with its 787 Dreamliner passenger jet.
Most of Calhoun’s 2022 compensation was in the form of estimated value of stock and option awards. He received the same $1.4 million salary as in 2021.
Calhoun became CEO in January 2020 after Dennis Muilenburg was ousted in fallout from two crashes of Boeing 737 Max jets that killed 346 people.
The Boeing board heaped praise on Calhoun, saying he had taken steps to position the company for the future without regard for goals set before the pandemic and “the changed regulatory environment” – stricter standards for certifying new planes since the Max crashes.
