Dave Calhoun, President of Boeing
Adam Jeffery | CNBC
Boeing CEO Dave Calhoun received $ 21 million in total compensation for his work last year, but he waived $ 3.6 million in salary 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 compensation, revealed when he became CEO in January 2020, is equity that builds over time and is based on company performance goals and other metrics.
Calhoun was named CEO after Boeing’s board ousted former CEO Dennis Muilenburg for his handling of two fatal crashes on the Boeing 737 Max, the company’s best-selling aircraft. Calhoun’s appointment came just before the Covid-19 pandemic rocked the global economy, hitting the aviation industry particularly hard.
Boeing reported a record annual loss of nearly $ 12 billion last year as cancellations outpaced new airliner sales, leading to thousands of job cuts.
Calhoun’s total compensation includes the rewards that were disclosed when he took the job last January, including around $ 7 million in stock if the company hits milestones including returning the 737 Max to service, the commissioning of the long-delayed 777X and other goals, but these actions are not taken for granted.
It also includes $ 10 million in inventory for quitting his job at Blackstone Group to take the top job at the aircraft maker last year and an additional $ 3.5 million in long-term incentives that didn’t. been acquired.