Boeing CEO David Calhoun received $ 21 million in damages despite pay waiver

Boeing CEO David Calhoun has declined salary and performance bonus for most of last year, but has continued to receive benefits that have estimated the value of his compensation at more than $ 21 million, according to a regulatory filing on Friday.

The aerospace giant struggled last year with continuous outages of two fatal collisions involving its 737 Max plane and falling demand for planes due to the pandemic. Boeing lost nearly $ 12 billion and announced plans to cut about 30,000 jobs through layoffs and redundancies.

Calhoun, who became chief executive in January 2020, received $ 269,231 in salary for the period before giving up his salary in March. He also received $ 289,715 for other compensation, mostly benefits such as the use of company planes, pensions and home insurance costs.

But most of Calhoun’s compensation – which Boeing estimated at more than $ 20 million – came in the form of stock preferences to be acquired over the next few years, assuming he would remain CEO.

These grants include $ 7 million worth of shares to get Max back into service after he was founded in 2019, $ 10 million worth of shares to compensate for the salary he left on his previous job at The Blackstone Group, and a $ 3.5 million long-term reward incentive . Everyone would dress for the next three years.

Calhoun, 63, was a longtime member of Boeing’s board of directors, before being appointed chief executive officer after the dismissal of Dennis Muilenburg in December 2019. The Chicago-based company submitted a statement of attorney ahead of its annual shareholders’ meeting on April 20. networks.

Shareholders will elect 10 directors. Pension funds in New York and Colorado are suing current and former board members and executives, including Calhoun and Muilenburg, in a state court in Delaware. The funds accuse directors of loose safety oversight during the development of 737 Max and after the first of two collisions that killed 346 people.