ARLINGTON, Va. (AP) — Boeing rewarded CEO David Calhoun with compensation valued at $22.5 million for 2022 but won’t pay him a $7 million bonus because the company will fail to get its new 777X jetliner in service by the end of this year.
The company said in a regulatory filing Friday that the 777X will be behind schedule “for reasons largely beyond Mr. Calhoun’s control.” But it did say some of his decisions regarding the plane contributed to the miss.
Boeing announced last spring that the large, twin-aisle plane would not be delivered to airlines until 2025, five years after the original target. The company said directors decided last August that Calhoun’s $7 million bonus would not vest.
The company based in Arlington, Virginia, lost $5 billion in 2022, including write-downs, as it dealt with setbacks to defense projects and ongoing problems with its 787 Dreamliner passenger jet.