Home » Boeing CEO waived salary but received compensation of $ 21 million

Boeing CEO waived salary but received compensation of $ 21 million

Much of David Kelhon's compensation – valued at more than $ 20 million by Boeing – came in the form of a stock gain that would vest over the next few years, assuming he remains CEO.

According to a regulatory filing on March 5, Boeing CEO David Calhoun declined salary and performance bonuses for most of last , but still received stock benefits that exceeded the estimated value of his compensation by more than $ 21 million Has reached.

The aerospace giant struggled last year with the continued decline from two fatal crashes to 737 MAX jetliners and a drop in demand for aircraft due to the epidemic. Boeing suffered a loss of about $ 12 billion and announced cuts to about 30,000 through layoffs and attendances.

Mr. Calhon, who became CEO in January 2020, received $ 269,231 in salary for the period before he paid his salary in March. He also received $ 289,715 in other compensation, mostly allowances such as use of company aircraft, retirement benefits and home-security expenses.

But most of Calhoun's compensation – valued by Boeing at more than $ 20 million – came in the form of stock gains that would form in the next few years, assuming he remains CEO.

Those grants include $ 7 million worth of stock to be returned to Max, which, after being grounded in 2019, repaid his previous job at Blackstone Group to compensate for $ 10 million worth of shares. Gave up and awards $ 3.5 million in long term incentives. All will wear vest over the next three years.

63-year-old Mr. Calhoun was a member of the Boeing board before being named CEO after the firing of Muilenberg in December 2019.

The Chicago-based company recorded its proxy statement ahead of its April 20 annual shareholder meeting, which will be held online. The shareholders will elect 10 directors at the meeting.

Pension funds in New York and Colorado are suing current and former board members and , including Mr. Calhoun and Mr. Muilenberg in Delaware state court. The funds accused the directors of a Lax safety inspection during the development of the 737 Max and subsequently after 346 people died in two accidents.

You have reached your limit for free articles this month.

Membership benefits included

Today's paper

Get a mobile-friendly version of the article from the newspaper of the day in an easy-to-read list.

unlimited access

Enjoy reading as many articles as you want without any limitations.

Personal recommendations

A selected list of articles that match your interests and tastes.

Fast page

Move seamlessly between articles as our pages load instantly.


One-stop-shop to see the latest updates and manage your preferences.


We inform you about the latest and most important events three times a day.

Support quality journalism.

* Our digital subscription plans currently do not include e-paper, crosswords and print.


About the author


Add Comment

Click here to post a comment