Boeing Denies CEO Calhoun $7 Million Bonus Due to 777X Delays

WASHINGTON—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.

Calhoun was offered a performance-based incentive by Boeing when he succeeded Dennis Muilenburg as CEO in January 2020. Calhoun had to achieve seven milestones before the year ended.

Boeing’s Compensation Committee determined that the award wouldn’t vest in August 2022 when Calhoun didn’t meet the goal for 777X entry to service by 2023. This was according to a Friday filing that Boeing posted ahead of an April 18 shareholder meeting.

Calhoun received $7 million in salary last year. This is slightly less than his compensation of $7.4 million for 2021. Boeing also stated this in its filing. Calhoun’s total compensation which included long-term incentives not yet vested was $22.5 million in 2022. This is an increase of about $21,000,000 the year before.