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Boeing Executives Receive Over $500,000 in Corporate Aircraft Compensation
Recent disclosures from Boeing reveal that executives in the company’s C-suite received more than $500,000 in corporate aircraft compensation, a figure significantly higher than what was previously reported. This revelation, detailed in Boeing’s 100-plus-page 2023 proxy statement filed with the Securities and Exchange Commission last week, sheds light on the additional perks received by executives such as outgoing CEO Dave Calhoun, CFO Brian West, outgoing commercial airplanes division head Stanley Deal, and military division head Ted Colbert.
Boeing is required to disclose the extent of executive plane travel for tax and shareholder interest purposes. Personal use of company aircraft is considered income, and both the government and investors are keen to understand the various forms of compensation received by executives. Notably, Boeing’s CEO is mandated to utilize company aircraft for all business and personal travel due to security reasons.
Breakdown of Additional Plane Travel Compensation:
- Calhoun: Received $142,000 more in plane travel in 2021 and 2022 than initially reported, marking a 44% increase.
- West: Experienced a $250,000 increase in plane travel compensation for the same period, representing a significant 229% rise.
- Deal: Received $74,000 more in plane travel compensation in 2021 and 2022, with specific figures for 2021 undisclosed initially. In 2022, Boeing had reported $63,000 in plane perks for Deal without specifying 2021 figures.
- Colbert: Saw a $79,000 increase in plane travel compensation in 2021 and 2022 compared to the previous disclosure. Boeing had not provided exact figures for Colbert’s plane travel in 2021 and 2022, with the company reporting such perks only if they exceeded the value threshold of “the greater of $25,000 or 10% of all benefits.”
The total additional compensation reported amounted to approximately $545,000, double the initial figure shared by the company. The Wall Street Journal reported that in an internal meeting in November, Calhoun sought to minimize the attention on his travel patterns, emphasizing his commitment to travel as an essential aspect of his role and encouraging a similar approach at all levels within the organization.
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