Calhoun, 62, will get a base salary of $1.4 million but potentially several million more in bonuses and stock awards, including $7 million if he gets the Max back in service.
The Max was grounded last March after crashes in Indonesia and Ethiopia killed 346 people. It has taken far longer than Boeing expected to fix the plane. This month, Boeing will halt production until it is clear when changes to the plane will be approved by regulators.
Muilenberg was named CEO in 2015 and presided over a rapid rise in the Chicago-based company’s stock price. The shares have dropped 26% in the last 10 months, however, as the Max’s recovery stalled.
Months before Muilenburg’s ouster, some lawmakers and relatives of passengers who died in the Max crashes had asked him to resign or take a cut in pay.
At a congressional hearing in October, Muilenburg parried questions about his compensation by saying it was set by Boeing’s board. A few days later, he announced he would not take a bonus for 2019 — that he would walk away from “tens of millions” of dollars as a signal that he was taking responsibility for correcting problems with the Max.