Boeing endured a truly awful year in 2024. Its millionaire executives, including those who exited as the company’s troubles mounted, largely saw their total compensation halved from the previous year.

They still got millions though in both actual pay and stock awards that should pay out in future years, according to Boeing’s annual proxy statement filed on Friday.

With both the commercial airplanes and the defense-and-space divisions writing off billions of dollars in losses and a two-month-long Machinists strike adding to the financial drain, Boeing in 2024 burned through $14.3 billion in cash and reported a loss for the year of $11.8 billion, just a shade better than its worst ever loss in 2020.

Friday’s filling shows former CEO Dave Calhoun, who retired in August, got $11.3 million in 2024, including $10 million from stock awarded in previous years that vested last year.

Calhoun’s total compensation awarded in 2024, including new stock grants with a projected future value $13.2 million, came to $15 million — down from $32.8 million in 2023, the filing shows.

Boeing also detailed millions paid to former Commercial Airplanes CEO Stan Deal, who was ousted last March, and Defense & Space CEO Ted Colbert, who was fired in September.

New Boeing CEO Kelly Ortberg, who started in August tasked with the tough job of turning the ailing plane-maker around, got total compensation of $18.4 million.

The key elements of Ortberg’s compensation were $1.8 million in pay last year, plus stock awards that will vest over four years with a projected value of $16 million.

His compensation package also included perks such as use of company aircraft, pension contributions and more than $300,000 in expenses for his relocation to Seattle.

Annualizing the base salary portion of Ortberg’s pay, this is equivalent to yearly compensation of $19.5 million, or 183 times the $106,624 median salary at Boeing, the filing states.

Executives in the poorly performing Commercial Airplanes and Defense & Space divisions, like most employees in those divisions, received no 2024 annual bonuses.

Executives in the Global Services division, the sole unit that made a profit, received an annual bonus of 56% of their annual salary.

The new long-term incentive stock awards Boeing granted to executives in 2024 were given half in stock that will vest in stages over three years and half in stock options with an elevated exercise price of $200.01 that will expire after 10 years.

That stock option half of the grant will be worth nothing unless the stock rises above that price. On Friday, as the markets continued to fall, Boeing shares were priced at $154.

Compensation for the other top Boeing executives in 2024 was as follows:

Stephanie Pope, who in 2024 was both CEO of Commercial Airplanes and Boeing Chief Operating Officer, got $2.4 million last year, including $1.1 million in stock from earlier years that vested in 2024 and an annual bonus for her COO role of $87,000.She was granted stock awards with a projected future value of $7.8 million.Pope was the one executive whose pay rose last year. Her total compensation awarded in 2024 was $10 million, up from $9.7 million in 2023.

Chief Financial Officer Brian West, got $3.6 million last year, including $2.4 million in stock from earlier years that vested in 2024 and an annual bonus of $209,000.He was granted stock awards with a projected future value of $4.7 million.Total compensation awarded in 2024 was $6.2 million, down from $11.9 million in 2023.

Brett Gerry, Boeing chief counsel, got $2.6 million in pay and bonus last year, including $1.5 million in stock from earlier years that vested in 2024.He was granted stock awards with a projected future value of $3.1 million.Total compensation awarded in 2024 was $4.4 million, down from $8.6 million in 2023.

Chris Raymond, CEO of Boeing Global Services, got $1.8 million in pay and bonus last year, including $719,000 in stock from earlier years that vested in 2024 and a bonus of $392,000.He was granted stock awards with a projected future value of $2 million.Total compensation awarded in 2024 was $3.8 million.

Former Commercial Airplanes CEO Stan Deal, ousted when the Alaska Airlines jet blowout raised concern about safety oversight, got $7.2 million in 2024, from his salary plus $6.3 million in accelerated vesting of stock awards from earlier years.His total compensation awarded in 2024, including another $4.7 million in stock, was $6.1 million.

Former Defense and Space CEO Ted Colbert, fired for failing to rein in repeated multibillion-dollar cost overruns, got $5.6 million in 2024, including $4.6 million in accelerated vesting of stock awards from earlier years.His total compensation awarded in 2024, including another $3.9 million in stock, was $5.2 million.

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