Boeing on Friday awarded Chief Executive Dave Calhoun an incentive worth approximately $5.29 million to induce him to stay throughout the company's recovery from the twin crises of the COVID-19 pandemic and two deadly 737 MAX crashes that led to the fleet’s grounding.
Boeing's board of directors on Feb. 16 approved giving 25,000 in restricted stock units to Calhoun, which will vest in two installments on the first and second anniversary of the grant, according to regulatory filings by the company published on Friday.
The move suggests Boeing's current board of directors may not seek to replace Calhoun with a new CEO until at least the mid 2020s, when the company is expected to return to pre-pandemic production rates. "This retention grant reflects the Board’s continued confidence in Dave’s leadership and the direction of the company as we make important progress toward restoring our operational and financial strength, guided by our focus on safety, quality and transparency," Boeing said.
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