Dave Calhoun, president of Boeing
Adam Jeffery | CNBC
Boeing CEO Dave Calhoun received $ 21 million in total compensation for his work last year, but gave up $ 3.6 million in salaries and bonuses after the coronavirus pandemic hit and devastate the industry.
He earned just $ 269,231 from his $ 1.4 million salary for the year.
Most of Calhoun’s pay package, disclosed when he became CEO in January 2020, is made up of equity that is generated over time and is based on the company’s performance goals and other metrics.
Calhoun was named CEO after Boeing’s board fired former chief executive Dennis Muilenburg for his handling of two fatal crashes of the Boeing 737 Max, the company’s best-selling aircraft. Calhoun’s appointment came just before the Covid-19 pandemic shook the world economy and hit the aerospace industry especially hard.
Boeing reported a record annual loss of nearly $ 12 billion last year as cancellations outpaced new airline sales, resulting in thousands of job cuts.
Calhoun’s full compensation includes the awards that were disclosed when he entered the job last January, including about $ 7 million in shares if the company achieved milestones such as the return to service of the 737 Max, the entry into service of the much-delayed 777X and other targets, but these actions have not been acquired.
It also includes $ 10 million in stock for leaving its job at the Blackstone Group to take the top spot from the aircraft manufacturer last year and another $ 3.5 million in long-term incentives that are not have generated.