https://sputnikglobe.com/20240406/outgoing-boeing-ceo-bags-33-million-pay-off-despite-b737-max-accidents-1117777062.html
Outgoing Boeing CEO Bags $33 Million Pay-Off Despite B737 Max Accidents
Outgoing Boeing CEO Bags $33 Million Pay-Off Despite B737 Max Accidents
Sputnik International
Recently, the beleaguered US planemaker has faced myriad safety problems due to several mishaps involving its 737 Max aircraft, escalating concerns about the quality standards of their planes.
2024-04-06T11:43+0000
2024-04-06T11:43+0000
2024-04-06T11:43+0000
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Boeing’s departing CEO Dave Calhoun’s 2023 pay package jumped by 45 percent to about $33 million, according to an annual proxy statement filed on Friday.Boeing reported that Calhoun’s compensation mainly consists of deferred stock options. Boeing’s share price has slumped almost 30 percent this year as of March 29, 2024 following the mid-air blowout of an Alaska Airlines B737 MAX 9 jet door plug on January 5.A preliminary report by the National Transportation Safety Board revealed that Boeing failed to correctly install the four bolts required to secure the door on the Alaska jet.The revised figure for Calhoun’s overall earnings in 2023 totalled $24.8 million. The departing CEO pocketed $22.6 million the previous year, according to the regulatory filing.The Seattle-based planemaker is in financial and regulatory trouble after several accidents with its B737 Max short-medium haul airliners. It has suffered a drop in new orders and mounting concerns over quality control and corporate governance raised by regulators and customers.Last February, an expert panel found Boeing’s safety practices «inadequate and confusing» and noted a «disconnect» between the company’s senior management and front-line workers.In March, a Federal Aviation Administration (FAA) probe found multiple issues within Boeing’s 737 Max production, including quality control violations by major supplier Spirit AeroSystems. The FAA conducted 89 product audits of which 33 failed, totalling 97 instances of noncompliance. Based on FAA findings, Spirit AeroSystems underwent 13 audits, failing seven.Calhoun was appointed CEO of Boeing in January 2020. His 2023 pay-packet is his highest yet, despite the transnational corporation’s litany of woes.Following the Alaska incident, Boeing’s executive compensation committee adjusted the payment structure for top officials in 2024. Executives in the commercial aircraft division will now have their pay split into 60 percent based on operational performance and 40 percent based on financial performance. Previously, three-quarters of pay was based on financial metrics.Timeline of Boeing safety incidents so far this year:
https://sputnikglobe.com/20240227/federal-probe-finds-inadequate-and-confusing-safety-protocols-at-boeing-1117017885.html
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boeing 737 max, boeing ceo, dave calhoun, david calhoun, beoing outgoing ceo, compensation for boeing departing ceo
boeing 737 max, boeing ceo, dave calhoun, david calhoun, beoing outgoing ceo, compensation for boeing departing ceo
The beleaguered US aerospace giant is in hot water over several accidents involving its 737 Max airliner and rising concerns about its safety standards and management.
Boeing reported that Calhoun’s compensation mainly consists of deferred stock options. Boeing’s share price has slumped almost 30 percent this year as of March 29, 2024 following the mid-air blowout of an Alaska Airlines B737 MAX 9 jet door plug on January 5.
A preliminary report by the National Transportation Safety Board revealed that Boeing failed to correctly install the four bolts required to secure the door on the Alaska jet.
The revised figure for Calhoun’s overall earnings in 2023 totalled $24.8 million. The departing CEO pocketed $22.6 million the previous year, according to the regulatory filing.
The Seattle-based planemaker is in financial and regulatory trouble after several accidents with its B737 Max short-medium haul airliners. It has suffered a drop in new orders and mounting concerns over quality control and corporate governance raised by regulators and customers.
Calhoun was appointed CEO of Boeing in January 2020. His 2023 pay-packet is his highest yet, despite the transnational corporation’s litany of woes.
Following the Alaska incident, Boeing’s executive compensation committee adjusted the payment structure for top officials in 2024. Executives in the commercial aircraft division will now have their pay split into 60 percent based on operational performance and 40 percent based on financial performance. Previously, three-quarters of pay was based on financial metrics.
Timeline of Boeing safety incidents so far this year:
