The steps announced include CEO Dave Calhoun and Board Chairman Larry Kellner both forgoing all pay until the end of 2020, Boeing said. In the months prior to the coronavirus outbreak, Boeing shares saw significant declines as the company navigated the grounding of its 737 Max aircraft. It allows the board to reduce his salary as long as it cuts the pay of other executive officers by a similar amount at the same time. Boeing CEO Dave Calhoun and chairman Larry Kellner will forego their pay for the rest of 2020. announced that it was suspending its dividend and that CEO Dave Calhoun and chairman Larry Kellner would forgo their pay until the end of the year. Continental Airlines Inc. Chief Executive Larry Kellner and his second in command suspended their salaries on June 1 and relinquished incentive pay for 2008. The plane is set to return to production later this year.The company's board will also reduce cash retainer fees for its members by 20 percent.Endeavor CEO Ari Emanuel and executive chairman Patrick Whitesell said they will not take a salary in 2020 as the global talent agency announced roughly 250 layoffs across its various businesses.In some cases, top business leaders have forfeited their base salaries to ease the financial burden.In response to the sharp decline in business, Cheesecake Factory CEO David Overton and other top executives are reducing their salaries by 20 percent, effective April 1, according to a regulatory filing.The president and CEO of Columbia Sportswear Company, Tim Boyle, is cutting his salary so the company can continue paying employees after all of its stores temporarily closed earlier this month.The movie theater chain furloughed all 600 of its corporate employees, including CEO Adam Aron, after coronavirus forced the closure of theaters nationwide.The sports retailer said in a March 19 SEC filing that CEO Edward Stack and president Lauren Hobart would forego their salaries starting on March 29.Boyle's salary will be slashed to $10,000 for the remainder of 2020, a Columbia Sportswear Company spokesperson confirmed to FOX Business Tuesday. The company's top 10 executives have also voluntarily cut their pay by 15 percent for the remainder of the year."At this time, AMC is not terminating any of its corporate employees, however, we were forced under the circumstances to implement a furlough plan, which is absolutely necessary to preserve cash and to ensure that AMC can reopen our doors once this health crisis has dissipated," the company said in a statement.Instead, the funds will be allocated for one-time $1,000 bonuses for nearly 1,200 general managers at company-owned KFC, Pizza Hut, Taco Bell and The Habit Burger Grill restaurants around the world. A Huron spokeswoman declined to comment.H&R Block executives have never taken a pay cut, a spokeswoman says.
FOX Business’ Cheryl Casone with more.The embattled airline said company president Robert Isom would reduce his pay by 55 percent beginning in April, while other senior executives would give up 50 percent of their base salaries.
Activist shareholders complain that CEOs often reap big rewards even when profits fall and shares decline. See Larry Kellner's compensation, career history, education, & memberships. “A lot of the managing directors were upset” over the award, because it effectively negated the relinquished bonus, the former executive recalls. Mr. Holdren also signed a new contract last year, allowing directors to lower his $1.1 million salary when cutting the pay of other top executives.Russ Smyth made an uncommon promise when he became the $950,000-a-year chief executive of H&R Block Inc. this summer. Brands CEO David Gibbs announced he was forging the rest of his base salary in 2020 as part of the company's efforts to financially support restaurant general managers and employees around the globe who have been impacted by the pandemic.Executives from companies struggling with coronavirus, such as Disney and Fiat, are taking pay cuts as many workers around the country are furloughed or laid off.