James McNerney gets a USD 53 Million pay package at Boeing

James McNerney gets a USD 53 Million pay package at Boeing

Boeing is paying big to their new chief executive office James McNerney. His pay package is valued at USD 53 million that includes USD 25.3 million in stock awards. This was to compensate for what he would have received in his earlier company 3M. His salary comes to around USD 1.75 million and he is also legible for bonuses of around USD 4.03 million.

The company released this information when it filed the report with the U.S. Securities and Exchange Commission. McNerney is a veteran in the industry and has worked as a member of Boeing’s board for almost four years. He has also functioned as the former head of General Electric Co.’s aircraft engines unit. Now, he would be leading the US based Airlines giant in its mission to overtake European company Airbus to retake the title of top commercial-aircraft maker.

He also has the crucial task of getting the relation back to normal with the US Pentagon after a scandal, which has cost the company a project worth USD 23 Billion in exclusive contract for Air Force refueling tankers. His contract with the company last for the next three years and can be further renewed for another two years. He also gets tons of other benefits from the company. This is of course not important, as he was the man Boeing wanted at the top and they finally have him.

He had earlier helped 3m boost net income for three straight year and improved profit margins.