Boeing is scrapping most pay raises next year and giving out shares instead as the company braces for a long recovery from the coronavirus pandemic.
The restricted stock units will vest for workers who stick with Boeing through December 14, 2023, chief executive Dave Calhoun said in a message to employees on Wednesday.
Executives are excluded from the one-time grant, as are union members, whose annual compensation is set through collective bargaining.
Even with a vaccine, it may take another three years for Boeing to rebound fully, Mr Calhoun warned. Boeing’s debt has soared to $61 billion and the company is shedding about a third of its workforce as a collapse in demand for new jetliners compounds the financial squeeze from a 20-month grounding of the 737 Max, the planemaker’s best-selling model.
“We will continue to position our company for the long term and chart a course to the other side of the recovery by making smart bets and investments,” Mr Calhoun told employees. “That starts with investing in our people, empowering them to make the changes that will transform our company, and sharing in our successes, together.”
While executives, managers and most employees will go without raises next year, the stock awards have the “potential to deliver value significantly beyond a traditional merit increase”, Mr Calhoun said. It’s the first time Boeing has widely distributed restricted stock units, which are typically reserved for senior leaders.
Since the end of October, Boeing soared 59 per cent through Tuesday, the most on the Dow Jones Industrial Average, as US officials cleared the 737 Max to restart commercial flights and the distribution of coronavirus vaccines began. Boeing had been the Dow’s worst performer during the first 10 months of 2020 and is still down about 30 per cent for the year as a whole.
UAE currency: the story behind the money in your pockets
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
COMPANY%20PROFILE
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MATCH INFO
Inter Milan 1 (Martinez 18' pen)
Juventus 2 (Dybala 4', Higuain 80')
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
PLAY-OFF%20DRAW
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HWJN
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
THE BIO:
Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.
Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.
Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.
Personal motto: Believe it and you can achieve it.
Who is Tim-Berners Lee?
Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
Racecard
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BRAZIL SQUAD
Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).
