Boeing shareholders vote to approve $33 million CEO pay package

Shareholders of embattled airplane maker Boeing have approved a pay package of nearly $33 million for outgoing CEO Dave Calhoun.

That’s the highest package ever paid to the company’s CEO and a 45% increase from the $22.6 million he received for 2022.

The approval comes as the plane maker is facing additional scrutiny for a series of safety incidents, including a midair blowout of part of a fuselage in January, which prompted a number of investigations into the company’s practices, an executive shakeup and promises that the company will turn itself around.

Boeing has been struggling financially for five years, since fatal crashes of its 737 Max in late 2018 and early 2019 resulted in a 20-month grounding of its best-selling plane. It was also hit by the pandemic, which caused a near-halt in air travel for months and deep losses at most airlines that buy its planes.

Since the start of the grounding in 2019 the company has reported adjusted losses totaling more than $31 billion, and losses are projected to continue going forward.

Calhoun, who has led Boeing since 2020, announced in March that he will leave the company by the end of the year.

Upon his retirement, Calhoun is set to take home another going-away present: a $45 million mix of stock awards and options that vest over time.

Shares of Boeing (BA) were down 0.7% in late-morning trading.

This story is developing and will be updated.