Outgoing Boeing CEO David Calhoun will leave his position at the embattled aircraft manufacturer at the end of the year with a $24 million payout and possibly as much as $75 million, the New York Post reports.

Calhoun is departing after the rear door plug of a Boeing 737 MAX 9 Alaska Airlines jet blew off mid flight at 16,000 feet on Jan. 5, forcing the plane to make an emergency landing. When Calhoun became CEO in January 2020, Boeing was already reeling from two fatal 737 MAX crashes that claimed the lives of 346 people on board the planes.

The 66-year-old executive holds 175,435 options with an exercise price lower than the price of the company’s stock, which closed on March 26 at $187.50. One of the options is priced at $258.83 a share and expires in February 2031, and a second is priced at $260.98 a share, expiring in February 2032, SEC filings show.

For Calhoun to cash in these options for $45.5 million, his successor needs to turn Boeing around and raise the stock price by 37%.

If Calhoun’s departure is a retirement, he would be entitled to another $5 million in restricted stock that would vest.

Since the day that Calhoun took over as Boeing CEO, the company’s stock has tanked by 43%. Between 2020 and 2022, he earned $65 million in compensation, Boeing proxy statement filings with the Securities and Exchange Commission show.

Calhoun has been well paid in comparison to the CEOs of peer and competitive companies, including Ford, 3M, Caterpillar and Microsoft, who were paid an average $25 million in 2023, according to Barron’s. In addition, the stocks of these companies have risen by an average of 13% in the past five years.