Summary
This 8-K/A filing from Boeing Co. (BA) amends a previous report concerning management changes, specifically detailing the compensation package for Gregory D. Smith upon his election as Executive Vice President and Chief Financial Officer. The amendment, filed on December 15, 2011, provides updated information regarding his salary, annual incentive target, and long-term incentive target, all effective February 1, 2012. For investors, the key takeaway is the established compensation structure for a key executive role. This includes a base salary of $625,000, with target incentives set at 85% of base salary for annual plans and 325% for long-term plans. The long-term incentives will be a mix of performance awards, stock options, and restricted stock units, aligning executive compensation with company performance and shareholder value. Investors should note that further details on incentive plan allocations are available in Boeing's 2011 proxy statement.
Key Highlights
- 1Amendment to a prior 8-K filing regarding management changes.
- 2Gregory D. Smith's election as Executive Vice President and Chief Financial Officer confirmed.
- 3Effective February 1, 2012, Mr. Smith's annual base salary will be $625,000.
- 4Mr. Smith's target annual incentive award is set at 85% of his base salary.
- 5Mr. Smith's target long-term incentive award is set at 325% of his base salary.
- 6Long-term incentive awards will be allocated among performance awards, stock options, and restricted stock units.
- 7Additional details on incentive plans can be found in the company's 2011 proxy statement.