Boeing CEO forgoes $3.6 million in bonuses, but gets $21 million in total pay as Covid-19 roiled business

Dave Calhoun, Chairman of Boeing

Adam Jeffery | CNBC

Boeing CEO Dave Calhoun did not take most of his wage for 2020 or bonuses price $3.6 million altogether, but he was nonetheless awarded greater than $21 million in total compensation as Covid-19 devastated the aviation business final yr, the corporate mentioned Friday.

Calhoun grew to become CEO in January 2020 after the board ousted the previous chief govt Dennis Muilenburg over two lethal crashes of the Boeing 737 Max. Calhoun’s appointment got here simply earlier than the Covid-19 pandemic shook the worldwide financial system, hitting the aviation business particularly laborious.

Boeing reported a report annual loss for final yr of practically $12 billion as cancellations outpaced new gross sales of jetliners, prompting 1000’s of job cuts.

Calhoun’s total compensation contains about $7 million price of inventory if the corporate hits milestones together with returning the 737 Max to service, entry into service of the long-delayed 777X, and different objectives, but these shares have not vested.

It additionally contains $10 million in inventory for leaving his job at Blackstone Group to take the highest job on the producer final yr and one other $3.5 million in long-term incentives that have not vested.

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