By David Shepardson
By David Shepardson
WASHINGTON, Feb 4 (Reuters) – Boeing Co BA.N advised U.S. lawmakers it is not going to cancel an incentive award for its new chief govt tied to the return of its grounded 737 MAX regardless of criticism from Congress, in accordance with a letter made public on Tuesday.
David Calhoun, who took over as Boeing chief govt final month, is receiving a $1.Four million annual wage and is eligible for long-term compensation of about $26.5 million, together with a $7 million bonus if he achieves a number of milestones. The milestones embrace the return to service of the 737 MAX which was grounded in March 2019 after two deadly crashes that killed 346 individuals.
Boeing defended the award and famous it’s topic to a brand new clawback coverage that applies to misconduct that compromises the protection of Boeing merchandise. It additionally stated Calhoun should serve for a number of years to obtain the award.
“We imagine tying our new CEO’s incentive-based compensation to key strategic goals, together with the secure return to service of the 737 MAX, is in the most effective curiosity of our firm,…