New Boeing CEO Muilenburg Was Paid $13.2 Million for Last Year

  • Three-decade veteran of planemaker assumed top post in July
  • Former chief McNerney received $19.9 million package for 2015

Boeing Co. Chief Executive Officer Dennis Muilenburg received a $13.2 million pay package for 2015, when he took over as as head of the world’s largest planemaker.

Muilenburg’s pay last year included $5.11 million in stock awards and $4.57 million in cash bonuses, according to a proxy statement Boeing filed Friday. About half of the shares came from a supplemental award the board gave him after he became CEO on July 1. He also received a $1.35 million salary plus additional smaller perks.

Muilenberg took over the Chicago-based company in a year when it earned record revenue of $96.1 billion and delivered 762 commercial airplanes, the most in its history. Adjusted profit fell 13 percent to $7.74 billion from a year earlier, in part because of accounting losses related to the KC-46 tanker and 747 programs.

Previous CEO James McNerney, who stepped down as chairman last month, emerged as the company’s top-paid executive, with a compensation package valued at $19.9 million, according to the proxy statement. That included $6.27 million in stock awards, some of which will continue to vest over the next three years if the company achieves certain financial targets.

Bigger Take

McNerney’s realized pay -- which includes his salary, cash awards received and the value of shares that vested and stock options that were exercised in 2015 -- was $38.8 million. He was eligible to use company-paid tax and financial planning services for all of 2015 and will be able to collect about $3.9 million a year for the next 15 years in pension benefits, according to data compiled by Bloomberg.

Muilenburg, who has worked at the aerospace company for more than three decades, became CEO after spending 18 months as chief operating officer. He previously ran Boeing Defense Systems, the smaller of Boeing’s two main units. He received an $11.8 million pay package in 2014.

Before it's here, it's on the Bloomberg Terminal.