Boeing Co. Chief Executive Dennis Muilenburg won’t receive bonus compensation this year or stock grants until the 737 MAX is flying again, according to the plane maker’s chairman, who also said the company still had confidence in the embattled CEO.
Dave Calhoun, Boeing’s BA, +1.77% newly installed chairman, said on CNBC Tuesday that Muilenburg called him on Saturday to suggest he forgo “any compensation for 2019 in the form of bonuses.”
That would cover short- and long-term bonus pay as well as equity grants, Calhoun said. Boeing wouldn’t provide Muilenburg with stock grants until the MAX is back in the air and flying safely, he added.
Boeing isn’t looking to claw back compensation from Muilenburg, who was stripped of his chairman role by the Boeing board, Mr. Calhoun said.
Muilenburg received $23.4 million in total compensation in 2018, including a $13.1 million incentive payment after the company beat targets for sales, profit and cash flow. That came months after the first crash in Indonesia in October 2018. Vested stock options pushed his payout to just over $30 million.
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