Summary by Futu AI
On July 30, 2024, Boeing announced the appointment of Robert K. 'Kelly' Ortberg as the new President and Chief Executive Officer, effective August 8, 2024. Ortberg, with over 35 years of aerospace experience, will also join Boeing's Board of Directors. He succeeds Dave Calhoun, who will retire on March 1, 2025, but will continue as a senior advisor until then. Ortberg's previous roles include leadership positions at Rockwell Collins and Collins Aerospace, and he has served as a special advisor to RTX Corporation. His compensation package includes a $1.5 million annual salary, a $3 million annual incentive for 2025, and a $17.5 million long-term incentive for 2025, along with relocation benefits and other perquisites. Additionally, Ortberg will receive a cash award and stock options under Boeing's 2023 Incentive Stock Plan. The Board has waived the company's mandatory retirement policy for Ortberg until April 1, 2031. There are no family relationships or related person transactions between Ortberg and the company that need to be disclosed.