Boeing Co. Chief Executive Dave Calhoun will not receive a $7 million bonus due to the company's failure to enter the 777X into service by the end of 2023, Boeing said Friday.
Co. Chief Executive Dave Calhoun will not receive a $7 million bonus due to the company's failure to enter the 777X into service by the end of 2023, Boeing said Friday.
Boeing offered the performance-based incentive to Calhoun when he replaced former CEO Dennis Muilenburg in January 2020 and required that Calhoun achieve seven milestones by the end of this year. Boeing's compensation committee determined in August 2022 that the award would not vest when it became clear that Calhoun would not meet the 777X entry into service goal by 2023, according to a company filing posted on Friday afternoon ahead of an April 18 shareholder meeting.
Calhoun took home $7 million in pay last year, slightly less than his $7.4 million compensation in 2021, Boeing stated in the filing. His total compensation, which includes longterm incentives that have not yet vested, measured $22.5 million in 2022, an increase from about $21 million the previous year., most recently because of a setback in the aircraft certification timeline.
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