Dave Calhoun, Chairman of Boeing
Adam Jeffery | CNBC
Boeing CEO Dave Calhoun received $ 21 million in compensation for his work last year, but he gave up $ 3.6 million in salaries and bonuses after the coronavirus pandemic hit and devastated the industry.
He took just $ 269,231 from his $ 1.4 million salary for the year.
The majority of Calhoun’s pay package, announced when he became CEO in January 2020, consists of equity based on time and based on the company’s performance targets and other metrics.
Calhoun has been appointed CEO after Boeing’s board fired former CEO Dennis Muilenburg over dealing with two fatal accidents involving the company’s top-selling Boeing 737 Max. The appointment of Calhoun came just before the Covid-19 pandemic shook the world economy and hit the aviation industry particularly hard.
Boeing reported an annual record loss of nearly $ 12 billion for last year as cancellations overtook new aircraft sales, causing thousands of cuts.
Calhoun’s total remuneration includes awards announced when he took office last year, including approximately $ 7 million in inventory if the company reaches milestones, including re-employing the 737 Max. take of the long delayed 777X and other targets, but the shares are not established.
It also contains $ 10 million in stock as he left his job at Blackstone Group to take the top job at the aircraft manufacturer last year, and another $ 3.5 million in long-term incentives that have not been established.