Boeing's new CFO Malave to receive $1.05 million as annual base salary

Boeing will pay Lockheed $2 million to settle claims related to his hiring.

Malave has held senior roles at Lockheed Martin, L3Harris Technologies and United Technologies / LinkedIn/ @Jay Malave

Boeing Co said on July 3 that incoming CFO Jesus "Jay" Malave would receive $1.05 million as an annual base salary and he would be eligible for annual and long-term incentive awards with target values of $1.26 million and $6.5 million, respectively.

The planemaker said on June 30 that it appointed the former Lockheed Martin executive as its new CFO, effective Aug. 15.

ALSO READ: Boeing appoints former Lockheed Martin CFO Jay Malave as new finance chief

Boeing said that Malave would not take part in its Defense, Space & Security business until the end of the year due to his prior role at Lockheed.

He will also be restricted from working on vendor relationships involving Lockheed until Apr. 2026 and from participating in procurement matters where Lockheed is a competitor until Apr. 2027, Boeing added.

The company will also pay Lockheed $2 million to settle claims related to his hiring.

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