Boeing's CEO and chairman will both give up their pay until the end of the year.
The Boeing Company announced a series of moves Friday as it seeks $60 billion in federal assistance for the aerospace industry amid the widening economic crisis.
CEO Dave Calhoun and Chairman Larry Kellner will give up their pay until the end of the year and the company will suspend its dividend, Boeing said in a press release. Calhoun, who became CEO job in January, was supposed to receive $10.9 million in annual compensation along with awards worth a $17 million. Kellner, who replaced Calhoun as chairman of Boeing’s board, received cash and stock worth $392,111 last year."Boeing is drawing on all of its resources to sustain operations, support its workforce and customers, and maintain supply chain continuity through the COVID-19 crisis and for the long term," the company said in the press release Friday.
The aerospace industry was not part of the economic stimulus bill introduced by Senate Republicans this week.
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