Boeing will not cancel CEO incentive award tied to 737 MAX return

The company logo hangs above an entrance to the headquarters of The Boeing Company on January 29, 2020 in Chicago, Illinois. (Getty Images)

Boeing Co told US lawmakers it will not cancel an incentive award for its new chief executive tied to the return of its grounded 737 MAX return despite criticism from Congress, according to a letter made public Tuesday.

David Calhoun, who took over as Boeing chief executive last month, is receiving $1.4 million annual salary and is eligible for long-term compensation of about $26.5 million, including a $7 million bonus if he achieves several milestones, including the return to service of the 737 MAX that was grounded after two fatal crashes killed 346 people.