Boeing Company is going through turbulent times in the current crisis-prone situation as the world suffers from economic threat due to coronavirus and long going trade war. The company announced several steps it is taking to speculate its business along with a demand for a 60-Billion-dollar bailout from the federal funds. The aerospace industry is having a terrible time currently.
Boeing CEO and Chairman Give Up their Salary till the end of the year
The CEO of the Boeing Dave Calhoun and Chairman Larry Kellner said that they would let go of their salaries till the end of this year, and the company will also suspend its dividend. A press release was issued to detail the moves by the company.
Press Release by Boeing
“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,”
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CEO gives up compensation for the entire year
The new CEO took office in January this year and is entitled to get a salary of 10.9 Million dollars in his annual bonus. He also receives awards worth seventeen million dollars. Along with Calhoun, Larry Kellner, who is the chairman of the Boeing board of directors, got 392,111 Dollars worth cash and stock.
Economic Stimulus Bill doesn’t include Aerospace Industry
The Senate Republicans have introduced an economic stimulus bill this week; however, the law did not include the aerospace industry. Boeing is vouching for the bailout of 60 Billion dollars for the American aerospace businesses.
Aerospace companies suffering a lack of demand
Many aerospace companies in the United States have taken similar steps to get the taxpayer support as they apply for the federal stimulus packages. The coronavirus outbreak has taken a toll on the travel industry, and there are seemingly no demands for air travel in the current times. The countries have imposed travel bans from overseas due to which there is a global economic crisis.
Boeing in crisis for a long while
Boeing is looking for 60 billion dollars in the US government aid to get the US aerospace companies and its supply chain back on track. There has been a lot of collateral damage due to the grounding of the Boeing 737 Jetliner after many reported cases of deadly crashes.