By Eric M. Johnson
By Eric M. Johnson
SEATTLE, March 20 (Reuters) – Boeing Co BA.N will cancel CEO pay, droop its dividend and lengthen a pause on share buybacks, the U.S. planemaker stated on Friday, as firms keen for presidency support to curb fallout from the coronavirus face strain to chop payouts to buyers.
Boeing’s choice echoes comparable measures taken by the most important U.S. airways in an effort to win over taxpayer assist for his or her requests for stimulus packages, because the fast-spreading virus just about erases air journey demand and hits the worldwide financial system.
Boeing has stated it desires no less than $60 billion in U.S. authorities mortgage ensures for itself and to assist prop up a U.S. aerospace manufacturing provide chain already reeling from the year-old grounding of its beforehand fast-selling 737 MAX jetliner after deadly crashes.
“Boeing is drawing on all of its assets to maintain operations, assist its workforce and prospects, and keep provide chain continuity by the COVID-19 disaster and for the long run,” the corporate stated late on Friday.
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