[Source: Reuters]

The 2023 pay package of Boeing’s (BA.N), opens new tab CEO, who recently announced his departure in the midst of a safety crisis, rose about 45% to nearly $33 million, the U.S. planemaker said on Friday.

Boeing said much of CEO Dave Calhoun’s compensation is in deferred stock that has fallen in value following a January mid-air panel blowout.

The adjusted value of Calhoun’s total 2023 compensation is $24.8 million, the company said in a regulatory filing.

Boeing shares have tumbled nearly 30% this year as the company wrestles with quality concerns from regulators and customers following the Jan. 5 blowout on an Alaska Airlines (ALK.N), opens new tab 737 MAX 9 jet.

The proxy does not mention an exit package for Calhoun, who announced on March 25 that he will step down from the top job by year-end. In 2022, he received $22.6 million in total compensation, according to the filing.

Calhoun’s potential retirement payouts were valued at more than $44 million as of year end 2023, the filing showed.

Production of Boeing’s strong-selling 737 MAX has slipped in recent weeks as U.S. regulators step up factory checks and the planemaker seeks to boost quality. European rival Airbus (AIR.PA), opens new tab has extended its lead in the market for single-aisle jets.

The crisis led to a broad management shakeup with Boeing board chair Larry Kellner and Stan Deal, head of the commercial planes business, also leaving. Chief Operating Officer Stephanie Pope has replaced Deal.

The board’s new chair, Steve Mollenkopf, told shareholders in Friday’s filing: “I promise that I personally, and we as a board will leave no stone unturned in our efforts to get this company to where it needs to be.”

Calhoun took home $5 million in pay in 2023 after declining to be considered for his $2.8 million bonus, compared with $7 million in 2022. Earlier filings show Calhoun did not receive a bonus over the last three years.

Deal earned $2.6 million in actual pay in 2023 and his total compensation jumped 42% to $12.5 million, although Boeing estimates the current value at $9.7 million.

Boeing’s board also decided this year that the value of long -term executive officer awards would be reduced by the percentage decline in the company’s stock price since the blowout and the 2024 award date.