It might not seem fair, but markets keep score with stock prices, and by that measure, the tenure of Boeing CEO Dave Calhoun has been a disappointment.
But that it isn’t reflected in his paycheck.
Calhoun announced on Monday he would step down at the end of the year, without the board naming a successor.
Running Boeing has been a difficult task. Calhoun took over during the worldwide grounding of the MAX after two deadly crashes within five months of one another.
The Federal Aviation Administration later capped 737 MAX production at 38 jets a month after an emergency door plug blew out midflight on Jan. 5. The agency is requiring production quality improvements before it allows Boeing to ramp up the production rate.
Still, transitions are a good chance for investors to consider if they are getting what they paid for—and the math for Calhoun looks tough.
Boeing shares were roughly $330 a piece when Calhoun officially started on Jan. 13, 2020. Now they are closer to $191, down more than 40%. Airbus stock is up about 26% during Calhoun’s tenure.
