“Boeing”: CEO private trips’ costs hit $979,000 over 3 years

Aircraft maker Boeing Co. revealed it spent an additional $546,000 on the cost of personal air travel in recent years for four top executives, including CEO Dave Calhoun, who announced last month that he would leave the company by the end of the year.

According to company data, the cost of personal air travel by Calhoun alone amounted to $979,000 during the three years 2021, 2022, and 2023.

According to CNN, the increased spending estimate, which was revealed in the company’s latest filing, has brought the company’s total cost of personal air travel for the four directors to $1.9 million since 2021.

Besides Calhoun, other executives include CFO Brian West; Stan Dale, who recently left as CEO of the commercial aircraft unit; and Theodore Colbert, CEO of the Defense, Space and Security business.

The latest adjustment means that Boeing spent at least $734,000 in 2022 and $306,000 in 2021 on personal air travel for these executives, according to the figures provided, while 2023 personal air travel costs for the four amounted to $872,000.

This revelation comes as the plane manufacturer faces additional scrutiny for a series of safety incidents, including part of the plane’s fuselage exploding in mid-air in January, which prompted a number of investigations into the company’s practices, and a change in the executive management structure.

Air travel is part of what are known as benefits or privileges granted to executives, which also includes ground transportation, accommodation and meals during personal travel.

For air travel, the reported costs only include additional costs incurred by Boeing, such as fuel, crew travel expenses, in-flight meals, landing fees, and parking costs, and do not include the cost of corporate aircraft or cabin crew salaries, which Boeing said It will pay it whether or not executives make personal trips.

The file also revealed that the total bonus Calhoun received for the year 2023 reached $32.8 million, an increase of 45% over the bonus for 2022, but he rejected his annual incentive bonus, which would have paid him an additional amount of $2.8 million, after the door of the Boeing 737 Max exploded. On Alaska Airlines on January 5th.

The incident sparked a series of federal investigations, temporary groundings of planes, the firing of executives, and renewed questions about the safety and quality of Boeing’s planes.

Last month, Calhoun announced that he would step down as CEO of the embattled planemaker by the end of the year, and at the same time, it was announced that Dell would retire from his position aboard Boeing Commercial Airplanes.