Boeing CEO Dave Calhoun announced this week that the aircraft manufacturer will indefinitely freeze salary increases for employees. Boeing suffered financially in 2020 as a result of both the 737 Max crisis and the ongoing coronavirus pandemic. Calhoun claims that it “may be three more years until we achieve a full recovery.”
According to a report by the Street, Boeing CEO Dave Calhoun told employees this week that the company will freeze salaries for the foreseeable future in response to the financial hardship imposed by both the coronavirus pandemic and the 737 Max crisis.
“As we begin to mobilize in support of the deployment of a vaccine, it may be three more years until we achieve a full recovery,” Calhoun wrote in an internal memo. “The next chapter of our history will be built on a culture of excellence anchored by shared accountability and ownership – and these grants will support our shared goal of taking care of our business.
“I know we will emerge from this a better company, one that is recognized for safety, transparency and quality,” Calhoun added.
Although Boeing employees will not receive raises this year, they will receive a one-time award of restricted stock that will vest in December 0f 2023.
Breitbart News reported in November that Boeing sold zero airplanes in October. Despite the setback, Airbus, Boeing’s European competitor, received 11 new orders for the month of October.
Breitbart News reported in November that American Airlines was chartering test flights on the 737 Max prior to its return to the airways in December. The fleet was grounded by aviation authorities around the globe after two fatal crashes in 2018 and 2019 that claimed the lives of all passengers and crew on board.
Stay tuned to Breitbart News for more updates on this story.