Boeing CEO pay stays flat as incentive pay withheld
Published 2:55 pm Friday, March 18, 2011
CHICAGO — Compensation for Boeing Co.’s Chairman and CEO stayed virtually flat last year at nearly $13.8 million, as Boeing withheld extra pay under a long-term incentive plan.
James McNerney’s salary was unchanged at $1.9 million. He got an annual incentive payout of more than $4.4 million.
However, McNerney and other Boeing executives got nothing under a performance award program meant to cover 2008 through 2010 because the company didn’t meet its profit goals. Boeing said the main factors were delays on new planes, the recession, and a slowdown in defense spending.
The AP’s executive pay calculation, based on a regulatory filing, aims to isolate the value the company’s board placed on the CEO’s total compensation. It includes salary, bonus, incentives, perks and the estimated value of stock options and awards.
