Boeing bonuses drop with sales
Published 9:00 pm Friday, March 22, 2002
Boeing’s chairman and chief executive, Phil Condit, saw a 43 percent drop in his annual bonus, although the company said he exceeded his expectations for the year. Condit received a $1.13 million bonus for the 2001 calendar year, compared with $1.98 million for 2000, according to the company’s proxy statement released Friday. His salary was $1.48 million, compared with $1.36 million in 2000. Boeing spokesman Larry McCracken said Condit’s bonus was calculated based on the company’s overall performance goal – which the company did not quite meet – and Condit’s personal goals. Including stock-based compensation, moving costs when Boeing relocated its corporate headquarters from Seattle to Chicago, personal perks such as use of a company jet and other awards, Condit received a package worth approximately $4 million in 2001. Alan Mulally, head of the Commercial Airplanes division, which was hardest hit by Sept. 11, saw a 44 percent drop in his annual bonus, from $795,800 in 2000 to $398,700 in 2001. His salary was approximately $700,000 in 2001, up from approximately $653,000 in 2000.
Two Puget Sound-area subsidiaries of truck maker Paccar Inc. say they will increase production at their truck plants amid signs that the truck freight industry is rebounding slightly. Kenworth Truck Co. said Thursday that production at its Renton plant will increase from 14 to 16 trucks a day beginning April 1. Peterbilt, another subsidiary, said it will increase production by more than 20 percent. Ed Caudill, Kenworth’s general manager, said the company expects to see truck freight volumes increase by 2 percent to 3 percent this year. The industry also will be helped by lowering fuel prices and interest rates.
A California mortgage company accused of deceiving poor and elderly homeowners in Washington and many other states into taking out loans with large hidden fees has agreed to a $60 million deal to settle federal and state charges. The Federal Trade Commission announced Thursday that First Alliance Mortgage Corp. agreed to repay nearly 18,000 of its customers in 18 states and the District of Columbia. In Washington, it made 1,496 loans to 1,262 borrowers.
Former U.S. Federal Reserve chairman Paul Volcker offered a plan Friday for Arthur Andersen LLP’s survival that includes replacing top management and installing an independent board that he would head. He said the plan would succeed only if the federal indictment of the firm is dismissed and a cap is placed on the firm’s financial liability from the Enron Corp. scandal.
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