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Tuesday, February 7, 2023

Coronavirus crisis: Boeing bosses forego salary

At the largest American aircraft manufacturer, the crisis leads to cuts in the executive floor. However, it is not idealistic reasons that make the Boeing board of directors waive their wages.

The two top managers of the American aircraft manufacturer Boeing will waive their salary until the end of the year to deal with the coronavirus crisis. CEO Dave Calhoun and Chairman of the Board of Directors Larry Kellner have agreed to do so, said the troubled company on Friday Due Corona Virus Crisis. The company will also suspend its dividend and extend the pause in the share buyback program. The group wants to pave the way for state aid. The opposition Democrats and some Republicans, as a prerequisite for tax support, are pushing for companies to limit executive remuneration, share buybacks, and dividend payments to shareholders.

Due to the Coronavirus outbreak, President Donald Trump said recently that he would demand restrictions for every company that receives help. Boeing had asked for help for itself and the entire battered aviation industry in the amount of “at least $ 60 billion”, also to secure the supply chain. The situation with the Airbus rival from Seattle is already tense because of the month-long ban on the sale of the best seller 737 MAX due to the crash of two planes.

Akihito Muranaka
Akihito Muranaka
News writer at The Eastern Herald. Bringing news direct from Japan, Korea, China, Italy, and other parts of the world.

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