Boeing CEO David Calhoun slashed a pay and performance bonus for most of last year, but still received stock benefits that exceeded the estimated value of his compensation by more than $ 21 million, according to a regulatory filing on Friday Have given.
The aerospace giant struggled last year with the continued decline from two fatal crashes to 737 MAX jetliners and a drop in demand for aircraft due to the epidemic. Boeing lost about $ 12 billion and announced plans to cut about 30,000 jobs through layoffs and attendances.
Calhon, who became CEO in January 2020, received $ 269,231 in salary for the period before he paid his salary in March. He also received $ 289,715 in other compensation, mostly allowances such as use of company aircraft, retirement benefits and home-security expenses.
The company said that Calhoun gave away about $ 3.6 million, dropping most of its salary and $ 2.5 million in bonuses.
But most of Calhoun’s compensation – valued by Boeing at more than $ 20 million – came in the form of stock gains that would form in the next few years, assuming he remains CEO.
Those grants include $ 7 million worth of stock to be returned to Max, which, after being grounded in 2019, repaid his previous job at Blackstone Group to compensate for $ 10 million worth of shares. Gave up and awards $ 3.5 million in long term incentives. All will wear vest over the next three years.
Calhoun, 63, was a long-time Boeing board member before being named CEO following the firing of Dennis Muilenberg in December 2019.
The Chicago-based company recorded its proxy statement ahead of its April 20 annual shareholder meeting, which will be held online.
The shareholders will elect 10 directors. Pension funds in New York and Colorado are suing current and former board members and officials, including Calhoun and Muilenburg, in a Delaware court. The funds accused the directors of a Lax safety inspection during the development of the 737 Max and subsequently after 346 people died in two accidents.
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