Boeing Chairman and CEO Jim McNerney's total compensation edged up 1. 5 percent last year to $19.7 million, while Commercial Airplanes Chief Jim Albaugh's compensation jumped 66 percent to $9.29 million, the company reported in proxy materials filed Friday.
Boeing Chairman and CEO Jim McNerney’s total compensation edged up 1.5 percent last year to $19.7 million, while Commercial Airplanes Chief Jim Albaugh’s compensation jumped 66 percent to $9.29 million, the company reported in proxy materials filed Friday.
Albaugh switched in August 2009 from the company’s defense business. The airliner business, despite setbacks on the 787, was the company’s better performer last year, scoring twice as well in performance assessments that determine parts of the compensation package.
The company as a whole performed 40 percent above its target level for 2010 “primarily due to strong operating performance and cash generation from Boeing Commercial Airplanes production and services businesses,” according to the compensation committee of the Boeing board.
But executives got nothing in one component of their package because over the three-year period 2008-2010 the company fell short of the minimum threshold to trigger their long-term incentive program.
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The proxy blamed that on “delays and performance issues on development programs, the unexpected economic downturn beginning in late 2008, and challenges with the current defense contracting environment.”
The company noted that some elements counted in executives’ total compensation represent only the future value of stock and option grants or pension benefits that will vest in future years.
Counting only the cash, stock and other benefits realized during 2010, McNerney’s “actual compensation” rose to $10.14 million from $9.07 million in 2009, the company said.