by Allison Lampert, Abhijith Ganapavaram and David Shepardson
(Reuters) – Boeing Chief Executive Dave Calhoun, who is due to leave office at the end of the year, received nearly $33 million (30.46 million euros) in compensation in 2023, an increase of increase of 45%, the American aircraft manufacturer said on Friday.
Much of the compensation consists of stock whose value fell following the crash of an Alaska Airlines Boeing plane in January.
The adjusted value of Calhoun’s total compensation for 2023 is $24.8 million, the company said in a regulatory filing. In 2022, he received a total compensation of $22.6 million.
Boeing stock has fallen nearly 30% this year as the company faces regulatory issues following the loss of a cabin panel from a 737 MAX 9.
Dave Calhoun forfeited a $2.8 million bonus due to the accident, bringing his salary to $5 million in 2023, up from $7 million in 2022.
The document does not mention severance pay. Dave Calhoun announced on March 25 that he would step down from his leadership position by the end of the year.
The crisis led to a major management reshuffle with the departure of Stan Deal, president and CEO of the Boeing Commercial Aviation (BCA) division, replaced by Stephanie Pope. Steve Mollenkopf has been appointed head of the board of directors.
Boeing’s board of directors also decided this year that the value of bonuses awarded to long-term executives would be reduced by the percentage decline in the company’s stock price.
Due to this reduction, Dave Calhoun will receive a bonus of $13.25 million in 2024, up from $17 million anticipated.
(Reporting Allison Lampert in Montreal, David Shepardson in Washington, Abhijith Ganapavaram and Deborah Sophia in Bangalore; French version Kate Entringer)
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