20 percent raise for Boeing CEO
BY SANDRA GUY March 15, 2013 7:24PM
Updated: April 17, 2013 6:11AM
Boeing CEO James McNerney got a 20 percent pay raise in 2012, to $27.5 million, due largely to a boost in his performance-based bonus calculated before regulators grounded the Chicago-based company’s full fleet of 787 Dreamliners because of battery problems, according to the company’s proxy statement filed Friday.
McNerney’s base salary remained the same, at $1.93 million; his yearly bonus also stayed the same, at $4.4 million, and his three-year, long-term cash award jumped nearly 50 percent, to $6.38 million from $4.265 million in 2011. He also received $7.53 million in stock and option awards.
The long-term award is based on exceeding profit targets over a cumulative three-year period, starting in 2010.
Boeing reported in January its $81.7 billion in 2012 revenue set a record for a single year and was up 19 percent from the prior year.
The Dreamliner battery debacle led to the grounding on Jan. 16.