As a recession looms, exorbitant executive salaries can generate both public resentment and strife between investors and the company -- the nearly $18 million that Bath & Body Works (BBWI) paid board chair Sarah Nash when she stepped in as interim CEO last year was called out by Third Point chief executive Dan Loeb in a shareholder letter demanding corporate overhaul to avoid a proxy fight.
When Disney (DIS) CEO Bob Iger came back to lead the company in a takeover from Bob Chapek, the first question many fans and shareholder had was "what is the pay package?" The answer to that is $1 million annual salary, $1 million bonus and $25 million in stock options annually for the two-year contract ending at the end of 2024.
This Is How Much The CEO of Boeing Earned in 2022
According to forms filed with the Securities and Exchange Commission on Friday, Boeing (BA) CEO David Calhoun earned $22.5 million in his role for 2022 but did not receive the $7 million bonus that was conditional on certain goals: including getting the new 777X planes running by the end of 2023.
Last April, the airplane-making giant reported a much worse quarter than many expected and announced that it was pushing back the rollout of the new aircraft until at least 2025.
This means no bonus for Calhoun despite the still-hefty payout package that includes $8.5 million in stocks, $8.5 million in options and a $1.4 million in core salary -- in the filing, Boeing said that it is still "on track to substantially achieve" the goals set for Calhoun when he took the helm in 2020.
The total $22.5 million is also up a little from the $21.5 million that Calhoun received in 2021.
"The Board also recognizes that Mr. Calhoun has made several decisions concerning the management of the 777 program that were in the company’s long-term interest, but that contributed to that goal not being met," the filing reads. "The board recognizes and greatly appreciates Mr. Calhoun’s leadership and many actions over the last three years to navigate through a constantly changing environment to best position the company for the future."
Calhoun has the full backing of Boeing's board, which also said that it would not have been able to achieve its goals without the "impact his decisions might have had on" them.
Better Salaries And Work Conditions, Say Many Airline Employees
For the rest of the team at Boeing, employees received a combined $513 million in bonuses divided by the 64,000 people working for it. As always, the exact number depends on everything from performance to the amount of time someone has been working for the company.
Despite its poor performance during early 2022, Boeing has turned things around as many airlines look to increase their aircraft numbers amid rising travel demand. Company shares are up nearly 25% from a year ago at $211.37 while it has joined forces with rival Airbus (EADSF) to provide new helicopters to the British military.
"Prices have stalled and corrected in recent days but remain above the rising 50-day moving average line and above the bottoming 200-day line," Bruce Kamich wrote for TheStreet's RealMoney in January. "The On-Balance-Volume (OBV) line has rolled over in January and suggests we are seeing a shift from aggressive buying to aggressive selling."
