What's happened
Boeing CEO's compensation for 2023 rose by 45% to nearly $33 million, but his stock payout for this year will be reduced due to Boeing's share price drop. Calhoun announced he will step down by year-end amidst safety concerns. Boeing paid Alaska Airlines $160 million for financial damages from a midair door blowout.
Why it matters
Boeing CEO's increased compensation and subsequent stock reduction, along with the financial compensation to Alaska Airlines, highlight the company's ongoing safety crisis and financial impact. Calhoun's departure adds uncertainty to Boeing's future leadership and strategy, impacting stakeholders and the aviation industry.
What the papers say
The NY Post emphasizes the financial aspects, detailing the rise in CEO compensation and the subsequent stock reduction. The Independent focuses on Calhoun's decision to decline a bonus and the impact of Boeing's share price drop on his stock payout. Both sources highlight the financial compensation Boeing paid to Alaska Airlines for the midair incident.
How we got here
Boeing CEO's compensation increase and subsequent stock reduction are linked to the safety crisis following a midair panel blowout on an Alaska Airlines 737 MAX 9 jet. Calhoun's decision to step down by year-end comes amidst ongoing safety concerns and investigations into Boeing's manufacturing quality and safety. Boeing's payment to Alaska Airlines addresses financial damages from the midair incident.
More on these topics
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The Boeing Company is an American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, telecommunications equipment, and missiles worldwide.
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David L. Calhoun is an American businessman, and president and CEO of The Boeing Company since January 2020. He was previously Boeing's chairman.