Boeing shareholders greenlight a pay rise for its CEO

Boeing chief executive Dave Calhoun, who recently announced he will soon leave his role, has just been approved for a big pay-rise and a seat on the aircraft maker’s board.

At $33 million, Calhoun’s annual compensation package marks a 45% increase on last year – largely due to stock bonuses.

Calhoun, who previously announced he will retire by the end of the year, had his reappointment to Boeings board confirmed by shareholder vote despite proxy adviser Glass Lewis recommending investors vote against it.

It comes as Boeing is currently grappling with multiple challenges, including scrutiny over safety, maintenance, production and quality control.  Earlier this year, a door plug panel blew out mid-flight on a Boeing 737 Max 9, leading to heightened concern over safety protocols.

The company is also dealing with investigations and potential prosecution for past actions related to safety violations.

The search for a new CEO is being led by the new board chair, Steve Mollenkopf.

At the same time, Boeing’s financial performance has been under pressure.

The company's stock has dropped by 30% this year, reflecting investor concerns over its ability to resolve ongoing issues and restore confidence.

In New York, Boeing stock trading into slight positive territory rising $1.14 or 0.6% to change hands at $184.10 each.