Boeing CEO waived pay but got compensation worth USD21M

AP – Boeing CEO David Calhoun declined a salary and performance bonus for most of last year but still received stock benefits that pushed the estimated value of his compensation to more than USD21 million, according to a regulatory filing on Friday.

The aerospace giant struggled last year with the continuing fallout from two deadly crashes involving its 737 Max jetliner and a downturn in demand for planes because of the pandemic.

Boeing lost nearly USD12 billion and announced plans to cut about 30,000 jobs through layoffs and attrition. Calhoun, who became CEO in January 2020, received USD269,231 in salary for the period before he disavowed his salary in March.

He also got USD289,715 in other compensation, mostly perks such as the use of company planes, retirement benefits and home-security expenses.

The company said Calhoun gave up about USD3.6 million by declining most of his salary and a USD2.5 million bonus. But most of Calhoun’s compensation — valued by Boeing at more than USD20 million — came in the form of stock benefits that will vest in the next few years, assuming he remains CEO.