Dave Calhoun, Chairman of Boeing
Adam Jeffery | CNBC
Boeing CEO Dave Calhoun received $ 21 million in total compensation for his work last year, but he gave up $ 3.6 million in salary and bonuses after the coronavirus pandemic struck and devastated the industry.
He only took $ 269,231 from his $ 1.4 million salary for the year.
Most of Calhoun’s salary package, disclosed when he became CEO in January 2020, consists of equity that vests over time and is based on the company’s performance targets and other measures.
Calhoun was named CEO after Boeing board dismissed former CEO 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 global economy and hit the aviation industry especially hard.
Boeing reported a record annual loss of nearly $ 12 billion last year as cancellations exceeded new jetliner sales, leading to thousands of job losses.
Calhoun’s total compensation includes awards disclosed when he took the job last January, including approximately $ 7 million in stock if the company achieves milestones, including returning the 737 Max to service, hiring the long-delayed 777X and other causes, but those shares have not been vested.
It also includes $ 10 million in stock for leaving his job at Blackstone Group to take the top job at the aircraft manufacturer last year and an additional $ 3.5 million in long-term rewards that have not been vested.