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Dave Calhoun, Chairman of Boeing
Adam Jeffery | CNBC
Boeing CEO Dave Calhoun was awarded $21 million in whole compensation for his work final yr, however he gave up $3.6 million in wage and bonuses after the coronavirus pandemic hit and devastated the trade.
He took simply $269,231 of his $1.4 million wage for the yr.
The vast majority of Calhoun’s pay bundle, disclosed when he turned CEO in January 2020, is made up of fairness that vests over time and is predicated on firm efficiency targets and different metrics.
Calhoun was named CEO after Boeing’s board ousted former Chief Government Dennis Muilenburg over his dealing with of two lethal crashes of the Boeing 737 Max, the corporate’s bestselling airplane. Calhoun’s appointment got here simply earlier than the Covid-19 pandemic shook the worldwide financial system, hitting the aviation trade particularly exhausting.
Boeing reported a document annual loss for final yr of practically $12 billion as cancellations outpaced new gross sales of jetliners, prompting hundreds of job cuts.
Calhoun’s whole compensation consists of awards that have been disclosed when he took the job final January, together with 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, however these shares have not vested.
It additionally consists of $10 million in inventory for leaving his job at Blackstone Group to take the highest job on the plane producer final yr and one other $3.5 million in long-term incentives that have not vested.
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