Boeing CEO has US$7m on the line to ship the 777X next year

[CHICAGO] Boeing chief executive officer (CEO) Dave Calhoun has not pocketed any of a controversial US$7 million signing bonus, even though the planemaker reached a key goal: returning the 737 Max to service in much of the world.

The company's directors chose not to give Calhoun the first half of the incentive when he became eligible last month, according to a regulatory filing Friday (Mar 11).

That is because Boeing is still a long way from reaching other targets, like flying the Starliner spacecraft to orbit with people on board and certifying the twin-aisle 777X, which is three years behind schedule.

If the goals aren't "substantially achieved" by the end of 2023, Calhoun will forfeit the grant.

It was awarded when he joined the company as CEO in early 2020, as Boeing reeled from the grounding of its Max after two fatal crashes, and sparked criticism in Congress.

Even without the perk, he collected a total compensation package of US$21.1 million last year. The Chicago-based company also bumped up his bonus by US$860,000 to US$3.4 million in reward for "inculcating robust safety and quality management systems." BLOOMBERG