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Boeing awards the CEO $ 21 million in total compensation for 2020.

Dave Calhoun, President of Boeing

Adam Jeffrey CNBC

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

He took just $ 269,231 from his $ 1.4 million salary for the year.

Most of Calhoun̵

7;s payment package, unveiled when he became CEO in January 2020, consists of equity that is acquired over time and is based on the company’s performance targets and other indicators.

Calhoun was appointed CEO after Boeing’s board fired former CEO Dennis Mullenburg for handling two fatal crashes on the Boeing 737 Max, the company’s best-selling aircraft. Calhoun’s appointment came just before the Covid-19 pandemic shook the global economy, hitting the aviation industry particularly hard.

Boeing reported a record annual loss of nearly $ 12 billion last year as cancellations overtook new jetliner sales, causing thousands of job cuts.

Calhoun’s total compensation includes rewards that were announced when he took office last January, including shares worth about $ 7 million if the company achieves important events, including the return of the 737 Max to operation, the commissioning of long delays 777X and other purposes but these shares have not been acquired.

It also includes $ 10 million in stock to leave his job at the Blackstone Group to take the top spot in the aircraft maker last year, and another $ 3.5 million in long-term incentives not acquired.

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