Quantcast

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

Boeing's Everett factory is known as the largest manufacturing building in the world.

MIKE SIEGEL/SEATTLE TIMES/TNS

By JESSICA GUYNN | USA Today | Published: March 21, 2020

• Stars and Stripes is making stories on the coronavirus pandemic available free of charge. See other free reports here, and sign up for our daily coronavirus newsletter here. Please support our journalism with a subscription.

(Tribune News Service) — 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.

Boeing did not immediately 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.

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.    

___

(c)2020 USA Today
Visit USA Today at www.usatoday.com
Distributed by Tribune Content Agency, LLC.

 

from around the web