Boeing CEO Calhoun took home $5 million last year, compensation package hit by Max crisis

Outgoing Boeing CEO Dave Calhoun's take-home pay fell to $5 million last year after declining a bonus, compared with $7 million in 2022, and his latest compensation package is taking a hit from the prolonged safety crisis surrounding the company's bestselling jetliner, the 737 Max.

Calhoun's total compensation last year rose 45% to $32.8 million, up from $22.6 million in the prior year. But Boeing said the 2023 sum is closer to $23.5 million, as it includes long-term incentives such as stock. Shares of the plane-maker are down almost 30% this year.

Total compensation for Stan Deal, whom Boeing last month replaced at the top of the commercial airplanes division, rose 42% to $12.5 million.

Calhoun last month said he would step down by the end of the year. His departure is part of a broad shake-up in which the company also replaced its chairman and head of its commercial airplane unit. The manufacturer is grappling with the fallout of a door plug panel that blew out midair from a 737 Max operated by Alaska Airlines in January.

Boeing disclosed the take-home pay, which did not include a 2023 bonus Calhoun declined that was valued at $2.8 million, and executive compensation in a filing Friday. The company said it will now more closely tie executive compensation to safety goals.

"I promise that I personally, and we as a Board, will leave no stone unturned in our efforts to get this company where it needs to be," newly named Boeing Chairman Steve Mollenkopf said in a message to shareholders in a filing Friday.

The Jan. 5 accident has slowed deliveries of new jets and Boeing has said it will burn more cash than it previously expected. The company is scheduled to release first-quarter results April 24.

Calhoun took the helm at Boeing in