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Boeing CEO will get pay package deal, loses $7M bonus

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Boeing denied Chief Government Dave Calhoun a $7 million bonus as a result of firm’s failure to enter the 777X into service by the tip of 2023.

Calhoun was supplied that incentive when he changed former CEO Dennis Muilenburg in January 2020.

He needed to obtain seven milestones by the tip of this yr.

Boeing’s compensation committee decided in August 2022 that the award wouldn’t vest when the 777X entry wouldn’t hit the service aim by 2023, in keeping with an organization submitting posted on Friday afternoon.

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Boeing CEO

Boeing’s CEO David L. Calhoun (Picture by Mark Wilson/Getty Photographs / Getty Photographs)

Calhoun took dwelling $7 million in pay final yr, barely lower than his $7.4 million compensation in 2021.

His whole compensation, which incorporates long-term incentives that haven’t but vested, measured $22.5 million in 2022, a rise from about $21 million the earlier yr.

Boeing confirmed final yr the primary supply of the widebody 777X had slipped to 2025, because of a setback within the plane certification timeline. 

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Boeing's 777X

A Boeing 777X airplane takes off on its first flight with the Olympic Mountains within the background at Paine Subject in Everett, Wash. (AP Picture/Ted S. Warren, File / AP Photographs)

Boeing’s board of administrators stated Calhoun “considerably achieved, or is on observe to considerably obtain” many of the award’s efficiency objectives.

Calhoun did obtain reward from the board for his management, saying the CEO made a number of selections on the 777X program that had been within the firm’s long-term pursuits however got here on the expense of the aim being met.

Boeing awarded Calhoun an incentive value roughly $5.3 million – made in restricted inventory models that vest in 2024 and 2025 – so as to get the CEO to remain by means of the corporate’s projected restoration interval.

The Boeing CST-100 Starliner spacecraft

The Boeing CST-100 Starliner spacecraft is lifted on the Vertical Integration Facility at House Launch Complicated-41 at Cape Canaveral. (Credit: NASA/Frank Michaux / Fox Information)

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One incentive that also must be met is the primary crewed Starliner launch at present projected for April. 

Reuters contributed to this report.

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