(Reuters) – Boeing Co’s board on Friday unveiled new performance metrics for executives tied to product safety and quality, following fatal 737 MAX crashes related to design defects and as it wrestles with repairs to flawed 787 Dreamliner jets.
The planemaker said its Chief Executive Officer David Calhoun had a take-home pay of $269,231 in 2020 after he agreed to forgo his pay and incentive bonus in March last year as the COVID-19 pandemic set in, according to a proxy filing.
Calhoun still earned $21.1 million in total compensation in 2020 after foregoing about $3.6 million, the company said.
When Calhoun took over as Boeing’s CEO in January 2020, he was also entitled to two supplemental equity awards worth $17 million, but they were not eligible to be vested last year, according to the company.
The disbursal of a portion of the equity awards is linked to the safe return to service of the 737 MAX jets, and the successful entry into service of the 777X aircraft, among other conditions, Boeing said.
Reporting by Eric M. Johnson in Seattle and Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta