Boeing CEO gives up pay, suspends dividend as company seeks coronavirus bailout

Jessica Guynn | USA TODAY

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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 did not respond to a request for comment from USA TODAY.

"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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On Monday Nikki Haley, formerly the U.S. ambassador to the United Nations and governor of South Carolina, resigned from Boeing’s board of directors over the government bailout request.

President Trump said at a news conference Tuesday that he would support a bailout for Boeing, which has been hit hard by the coronavirus pandemic and the safety crisis involving its flagship 737 MAX jetliner.