Former Boring CEO paid $65 million for leading Boeing through 2022 despite under-performing stocks. — USA Today/File
Former Boring CEO paid $65 million for leading Boeing through 2022 despite under-performing stocks. — USA Today/File

Aircraft giant Boeing’s CEO Dave Calhoun stepped down from his position on Monday after a series of malfunctions being reported in the company’s aircrafts, Barron’s reported.

However, despite a disappointing tenure and declining share prices of Boeing, Calhoun seemed to have made millions.

The 66-year-old business executive joined Boeing after a worldwide grounding of the 737 MAX passenger airliner following two serious crashes within five months of one another in 2020.

Earlier this year, the Federal Aviation Administration (FAA) paused 737 MAX productions to make quality improvements before it allows Boeing to ramp up the production rate.

This came after an emergency door plug blew out midflight on January 5.

Boeing shares are $191 a piece these days, which is a decline of over 40% from the share price of $330 a piece when Calhoun’s tenure began.

Meanwhile, Airbus stock rose by 26% during Calhoun’s tenure and he has been paid $65 million for leading Boeing through 2022, a figure typically disclosed in annual proxy statements, and Boeing’s 2024 proxy isn’t available yet.

Calhoun’s annual salary is about $1.4 million and his target annual bonus is about $17 million.

The board compensation committee sets executive pay by benchmarking peers and setting performance targets.

Boeing’s peer group includes companies like 3M, Ford Motor, Procter & Gamble, RTX, Caterpillar, and Microsoft with CEO compensation averaging almost $25 million in 2023, despite relatively average performance.

Over the past five years, investments in the S and P 500 have doubled investor money, adding 15% annually, while six peers have almost doubled it, gaining over 13% annually.

Boeing stock has lost investors by roughly12% annually.



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