Boeing misplaced almost $12 billion in 2020 and introduced plans to chop about 30,000 jobs by way of layoffs and attrition.
Boeing CEO David Calhoun declined a wage and efficiency bonus for many of final 12 months however nonetheless obtained inventory advantages that pushed the estimated worth of his compensation to greater than $21 million, in line with a regulatory submitting Friday.
The aerospace big struggled final 12 months with the persevering with fallout from two lethal crashes involving its 737 Max jetliner and a downturn in demand for planes due to the pandemic. Boeing misplaced almost $12 billion and introduced plans to chop about 30,000 jobs by way of layoffs and attrition.
Calhoun, who grew to become CEO in January 2020, obtained $269,231 in wage for the interval earlier than he disavowed his wage in March. He additionally acquired $289,715 in different compensation, principally perks resembling the usage of firm planes, retirement advantages and home-security bills.
However most of Calhoun’s compensation — valued by Boeing at greater than $20 million — got here within the type of inventory advantages that can vest within the subsequent few years, assuming he stays CEO.
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These grants embody $7 million value of inventory for returning the Max to service after it was grounded in 2019, $10 million value of shares to compensate for pay he left behind at his earlier job at The Blackstone Group, and $3.5 million in long-term incentive awards. All would vest over the subsequent three years.
Calhoun, 63, was a longtime Boeing board member earlier than being named CEO after the firing of Dennis Muilenburg in December 2019.
The Chicago-based firm filed its proxy assertion forward of its April 20 annual shareholder assembly, which will likely be performed on-line.
Shareholders will elect 10 administrators. Pension funds in New York and Colorado are suing present and former board members and executives, together with Calhoun and Muilenburg, in a Delaware state court docket. The funds accuse administrators of lax security oversight throughout the improvement of the 737 Max and after the primary of two crashes that killed 346 individuals.