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Boeing is awarding the CEO $ 21 million in total compensation for 2020

Dave Calhoun, Chairman of Boeing

Adam Jeffery | CNBC

Boeing CEO Dave Calhoun was awarded $ 21 million in total compensation for his work last year, but he gave up $ 3.6 million in salaries and bonuses after the coronavirus pandemic hit and destroyed the industry.

He took only $ 269,231 of his $ 1.4 million salary for the year.

The majority of Calhoun̵

7;s salary package, which was announced 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 metrics.

Calhoun was named CEO after Boeing’s board fired former CEO Dennis Muilenburg over his handling of two deadly 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 particularly hard.

Boeing reported an annual record loss for last year of nearly $ 12 billion. Dollars, as cancellations exceeded the new sales of jetliners, leading to thousands of job cuts.

Calhoun’s total compensation includes awards that were revealed when he took the job last January, including approx. $ 7 million in stock if the company hits milestones, including the 737 Max being put back into service, the commissioning of the long-running 777X and other targets, but these shares have not been earned.

It also includes $ 10 million in stock to leave its job at Blackstone Group to take the top job at the aircraft manufacturer last year and an additional $ 3.5 million in long-term incentives that have not been received.

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