Ortberg’s predecessor, Dave Calhoun, did not receive a cash severance when he officially stepped down on March 1. Calhoun’s total compensation in 2024 was $15 million, a significant drop from the $33 million he earned in 2023, which had sparked controversy. Additionally, Calhoun retains $20.7 million in equity awards that will vest over the next decade. The value of these shares, granted during his five-year tenure as CEO, has declined alongside Boeing’s stock performance but could rebound if Ortberg successfully steers the company toward recovery.
Ortberg, who came out of retirement to lead Boeing, has emphasized a return to the company’s engineering roots and a renewed focus on quality control. Demonstrating his commitment, he relocated to Seattle, Boeing’s manufacturing hub, with the company covering $313,000 of his moving expenses.
Since taking the helm, Ortberg has worked to foster a more transparent corporate culture and stabilize Boeing’s finances after years of losses. His tenure has been marked by challenges, including a nearly two-month factory shutdown due to labor disputes, regulatory restrictions on 737 production, and dissatisfaction among customers.
Ortberg has also implemented a company-wide bonus structure, aligning employee incentives with uniform performance metrics rather than setting separate goals for individual business units.
The compensation of Boeing’s CEOs has drawn scrutiny in recent years. Dennis Muilenburg, Calhoun’s predecessor, received $80.7 million when he resigned in late 2019 following the 737 Max crisis, which involved two fatal crashes that claimed 346 lives.