Boeing CEO forgoes $3.6 million, but gets $21 million in total pay as Covid-19 roiled business

Dave Calhoun, Chairman of Boeing

Adam Jeffery | CNBC

Boeing CEO Dave Calhoun didn’t take most of his salary for 2020 or bonuses worth $3.6 million altogether, but he was still awarded more than $21 million in total compensation as Covid-19 devastated the aviation business last year, the company said Friday.

Calhoun became CEO in January 2020 after the board ousted the former chief executive Dennis Muilenburg over two deadly crashes of the Boeing 737 Max. Calhoun’s appointment came just before the Covid-19 pandemic shook the global economy, hitting the aviation industry especially hard.

Boeing reported a record annual loss for last year of nearly $12 billion as cancellations outpaced new sales of jetliners, prompting thousands of job cuts.

Calhoun’s total compensation includes about $7 million worth of stock if the company hits milestones including returning the 737 Max to service, entry into service of the long-delayed 777X, and other goals, but those shares haven’t vested.

It also includes $10 million in stock for leaving his job at Blackstone Group to take the top job at the manufacturer last year and another $3.5 million in long-term incentives that haven’t vested.