April 5 (Reuters) - The 2023 pay package of Boeing's ( BA )

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.

However, Boeing ( BA ) said that 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 ( BA )

shares have tumbled nearly 30% so far this year as the company

wrestles with quality concerns from regulators and customers

following the Jan. 5 blowout on an Alaska Airlines 737

MAX 9 jet.

Calhoun 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.

Production of Boeing's ( BA ) strong-selling 737 MAX has slipped in

recent weeks as U.S. regulators step up factory checks and the

planemaker seeks to boost quality. In the meantime, European

rival Airbus has extended its lead in the market for

single-aisle jets.

The crisis led to a broad management shakeup with Boeing ( BA )

board chair Larry Kellner and Stan Deal, head of the company's

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 ( BA )

estimates the current value at $9.7 million.

Boeing's ( BA ) 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.

Due to that reduction, Calhoun will receive an award of

$13.25 million in 2024, compared with a target of $17 million. A

year earlier, the award was $21.25 million.

In the wake of two separate 737 MAX crashes in 2018 and 2019

that killed a combined 346 people, Boeing ( BA ) had revamped its

compensation policies to emphasize product safety and quality

when deciding individual executive pay and incentives.

Long-term executive incentives are being linked to improving

safety and quality. In 2024, for Boeing's ( BA ) commercial airplanes,

safety and quality will be assigned a weighting of 60% when

deciding annual incentives, compared with a 40% weighting for

financial performance.

Long-term incentive awards for Boeing's ( BA ) executive officers

will also include new metrics, such as one mandating an employee

culture survey to assess how effectively the company's safety

management system is understood and followed.

In February, an expert panel reviewing Boeing's ( BA ) safety

management processes found a "disconnect" between the

planemaker's senior management and employees on safety culture.

The planemaker has stepped up quality checks at its

factories and has said it is working hard to address customer

and regulatory concerns.