Boeing CEO Waives $ 3.6 Million But Receives $ 21 Million In Full Payment As Covid-19 Shake Up Business


Dave Calhoun, president of Boeing

Adam Jeffery | CNBC

Boeing CEO Dave Calhoun didn’t take most of his salary for 2020 or bonuses worth $ 3.6 million in total, but he still received more than $ 21 million in total compensation when Covid-19 devastated the company’s business. aviation last year, the company said Friday.

Calhoun became CEO in January 2020 after the board ousted former CEO Dennis Muilenburg over two fatal Boeing 737 Max crashes. Calhoun’s appointment came just before the Covid-19 pandemic rocked the global economy, hitting the aviation industry especially hard.

Boeing reported a record annual loss for last year of nearly $ 12 billion, as cancellations outstripped new airliner sales, prompting thousands of job cuts.

Calhoun’s total compensation includes about $ 7 million in stock if the company reaches milestones, including returning the 737 Max to service, bringing the 777X into service, which was long delayed, and other goals, but those actions have not been acquired.

It also includes $ 10 million in stock for leaving his job at Blackstone Group to occupy the top job at the manufacturer last year and another $ 3.5 million in long-term incentives they have not acquired.

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