Boeing awards CEO $21 million in total compensation for 2020

Dave Calhoun, Chairman of Boeing

Adam Jeffery | CNBC

Boeing CEO Dave Calhoun modified into awarded $21 million in complete compensation for his work excellent year, however he gave up $3.6 million in wage and bonuses after the coronavirus pandemic hit and devastated the industry.

He took gorgeous $269,231 of his $1.4 million wage for the year.

The majority of Calhoun’s pay package, disclosed when he grew to alter into CEO in January 2020, is made up of equity that vests over time and is essentially essentially based mostly on company efficiency targets and other metrics.

Calhoun modified into named CEO after Boeing’s board ousted broken-down Chief Govt Dennis Muilenburg over his handling of two lethal crashes of the Boeing 737 Max, the corporate’s bestselling airplane. Calhoun’s appointment got right here gorgeous sooner than the Covid-19 pandemic shook the global economy, hitting the aviation industry in particular exhausting.

Boeing reported a represent annual loss for excellent year of virtually $12 billion as cancellations outpaced contemporary sales of jetliners, prompting hundreds of job cuts.

Calhoun’s complete compensation comprises awards that were disclosed when he took the job excellent January, collectively with about $7 million worth of stock if the corporate hits milestones collectively with returning the 737 Max to service, entry into service of the prolonged-delayed 777X, and other targets, however these shares haven’t vested.

It furthermore comprises $10 million in stock for leaving his job at Blackstone Team to decide out the tip job on the plane manufacturer excellent year and one more $3.5 million in prolonged-term incentives that haven’t vested.