Boeing CEO and board chairman to forgo pay until end of year amid coronavirus pandemic

Boeing, which is pleading with Washington for a $60 billion bailout amid the coronavirus pandemic, announced on Friday that its CEO Dave Calhoun and Board Chairman Larry Kellner will forgo all pay until the end of the year.

The move is part of a few decisions Boeing made in order to support itself as it navigates through the pandemic and works to ensure that it is positioned for a recovery. 

The company also announced that it will suspend its dividend payments to shareholders and will extend its pause of any share repurchasing until further notice.

Boeing had previously suspended its stock buyback program in April 2019.

“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 a statement. 

While the coronavirus outbreak has devastated global travel, Boeing has taken a huge hit. It already was in a fragile state after the grounding of its 737 Max jets and setbacks to fixing and delivering KC-46 military tankers for the Pentagon.

The company’s stock plummeted nearly 18 percent on Wednesday, and President Trump and lawmakers vowed to provide assistance to the struggling company.