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Boeing CEO waived pay but got compensation worth $21 million
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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 $21 million, according to a regulatory filing 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 $12 billion and announced plans to cut about 30,000 jobs through layoffs and attrition.
Calhoun, who became CEO in January 2020, received $269,231 in salary for the period before he disavowed his salary in March. He also got $289,715 in other compensation, mostly perks such as the use of company planes, retirement benefits and home-security expenses.
THE BOEING CO.
The company said Calhoun gave up about $3.6 million by declining most of his salary and a $2.5 million bonus.
But most of Calhoun's compensation — valued by Boeing at more than $20 million — came in the form of stock benefits that will vest in the next few years, assuming he remains CEO.
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